Crude oil futures have posted strong, triple-digit losses through the end of the session Thursday, up to $2.50 per barrel lower. Traders pushed prices below the $50 per barrel threshold once again. This shift away from the upward momentum seen over the last couple of weeks could quickly change the tone of the market not only at the end of the week, but through early June. RBOB gasoline futures have traded 4 to 5 cents per gallon lower in nearby contracts, moving prices back to $1.60 per gallon in front-month June futures. Even though front-month ethanol futures were able to eke out gains Thursday and push nearby prices near $1.50 per gallon, the overall weakness in energies seemed to limit support. Keep in mind that buying activity may remain subdued through the end of the week due to the upcoming holiday. Most ethanol futures posted light to moderate losses as traders focus on the weakness in corn prices and other energy issues.
Rick Kment can be reached at firstname.lastname@example.org
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