Crude futures drop and RBOB gasoline hits lowest level in 2023

  • Crude futures fell around $3/bbl for a second consecutive daily drop
  • RBOB gasoline futures slumped to their lowest level in 2023
  • Unwinding of gains driven by global fuel demand optimism
  • Most East of the Rockies gasoline markets dropped below $2/gal
  • Gulf Coast CBOB reached the lowest level of the year at $1.895/gal

Crude futures fell around $3/bbl for a second consecutive daily drop, and RBOB gasoline futures slumped to their lowest level in 2023. This decline comes as the momentum of the petroleum market turned sour without notable news headlines behind the move. There appeared to be some unwinding of gains late last week that were driven by global fuel demand optimism. Most East of the Rockies gasoline markets dropped below the $2/gal level, with Gulf Coast CBOB reaching the lowest level of the year at $1.895/gal.

Factuality Level: 8
Factuality Justification: The article provides specific information about the drop in crude futures and gasoline futures, including the price changes and the reasons behind the drop. It also mentions the spread between cash gasoline in the Gulf Coast and New York. The information provided is specific and factual, without any obvious bias or opinion.
Noise Level: 3
Noise Justification: The article provides specific information about the drop in crude futures and gasoline futures, including price levels and market trends. It also mentions the lack of notable news headlines behind the drop. However, it does not provide any analysis or explanation for the drop, and it does not offer any actionable insights or solutions. The article stays on topic and does not dive into unrelated territories. Overall, the article contains relevant information but lacks depth and analysis.
Financial Relevance: Yes
Financial Markets Impacted: Crude futures, RBOB gasoline futures
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the drop in crude futures and RBOB gasoline futures prices without any mention of an extreme event. The decline in prices is attributed to the unwinding of gains driven by global fuel demand optimism. Therefore, there is no extreme event mentioned in the article.
Public Companies: NYMEX (N/A), OPIS (N/A), Dow Jones & Co (N/A)
Key People: Frank Tang (Reporter), Andrew Atwal (Editor)

Reported publicly: www.marketwatch.com