April RBOB prices seemed to take a pause during the overnight and early morning hours after yesterday's gain into a new contract high. It appears that a somewhat weaker outside market tone this morning, with weakness in Brent crude oil and a rally in the US dollar are factors weighing on RBOB prices. Yesterday's gains in gasoline futures were fueled in part by a surge in West Coast cash prices, up nearly $0.18, fueled in part by the idling of a 225,000 barrel per day BP refinery. Recent gains in US gasoline prices have fostered concerns that they could begin to pressure economic growth. Higher gasoline prices have sparked comments from the Obama administration, which plans to address the issue on Thursday.
Join the Discussion