Summary
The Mar’25 RBOB futures contract weakened towards the end of January, declining to 2.05c/gal on 27 Jan. However, the contract gained support into the new month amid fears of tightening medium sour crude oil supplies in US refineries following a short-lived tariff on Canadian and Mexican oil imports into the US. At the time of writing, the futures contract sits at 2.10c/gal. Despite dissipating support following the postponement of these tariffs, a weaker crude brought strength to the Apr’25 RBBR futures contract (RBOB vs Brent futures), which climbed from $19.15/bbl on 21 Jan to an intraday high of $22.47/bbl on 3 Feb, before softening to $21.40/bbl at the time of writing.
