Summary
The Jan’25 RBOB futures contract has been rangebound over the past fortnight, trading between 1.95c/gal to 2.00c/gal. Meanwhile, the Jan’25 RBOB crack saw initial strength, rising from an intraday low of $9.35/bbl on 11 Nov to an intraday high of $10.90/bbl on 20 Nov, before falling to $9.25/bbl at time of writing on 26 Nov. Bearish pressure emerged alongside a 2.1mb build in US gasoline stocks for the week to 15 Nov, announced in 20 Nov’s EIA data release. We recommend keeping an eye out seasonally low liquidity this week as traders in the US exit for the Thanksgiving holiday.
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