While the November RBOB contract at last week's lows was close to 25 cents a gallon below the September highs, the market was able to recover 12 cents a gallon at the end of last. While RBOB might find some early support from news of a recent Chinese aviation fuel purchase and from a minor US refinery glitch overnight, a negative "big picture" macro economic outlook is likely to weigh on many physical commodity prices. News of a minor increase in Chinese implied oil demand for August over year-ago level has had little noticeable impact on the energy markets this morning.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
Copyright CME Group All rights reserved.