Summary
The Jan’25 RBOB futures contract weakened from an intraday high of nearly $2.05/gal on 22 Nov to $1.90/gal on 06 Dec. The contract found support here and climbed to $1.96/gal on 10 Dec (at the time of writing). The Feb’25 RBBR (RBOB vs Brent futures) rallied from $8.96/bbl on 02 Dec to $10.40/bbl at the time of writing. This week’s strength likely emerged amid a return of liquidity following Thanksgiving, with more risk put into summer positions alongside a weaker crude complex. However, the front-month US n-butane remains supported at 109.30c/gal, slightly more than levels from the past couple of years, which may weaken blending margins.
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