October RBOB reached a higher high in the early morning hours, but it has since waffled between gains and losses. Some traders pointed to a slight improvement in macroeconomic forces as a factor that kept early losses contained. Perhaps the initial weakness follows EIA weekly pricing data that showed average US retail gasoline prices slipping for their third consecutive week. Meanwhile, some in the market are of the view that lower US gasoline prices could be a force that revives demand.
Join the Discussion