Technical indicators for the current period show that Brent futures saw RSI correct from the overbought territory whilst the Bollinger bands have maintained their width despite lower price action, indicating consistent volatility levels. ICE LS gasoil futures has seen weak price action with both the RSI and Bollinger bands moving in downward motion, albeit still hovering within the bounds of neutrality. In RBOB futures, we continue to see prices flag neutral territory despite noting a decline in outright prices. Open interest in the Jun RBOB continues to trend higher w-o-w.
Looking at the correlation matrix, we saw similar price movements in crude and found positive correlations between crude and product cracks with the exception of RBOB, which saw strength prior to the EIA stats announcement of Apr 18. While the products were all positive correlated with one another, this was accentuated between heating oil cracks and gasoil cracks.
