Do you need to know how an API can get you real-time RBOB gasoline prices? Keep reading because in this article we will teach you about it!
The primary product produced in US oil refineries is gasoline. Gasoline is the preferred fuel for consumers’ cars, light trucks, motorcycles, boats, and small aircraft. Additionally, gasoline is utilized as a fuel in machinery for forestry, farming, and gardening. Gasoline is also used in emergency power supply and electricity generators. A kind of gasoline called RBOB gas is widely used in the US. It is typical because certain places demand it and it is seen to be beneficial for the environment. Typically, 10% ethanol is added to the mixture.
The fuel known as Reformulated Blendstock for Oxygenate Blending (RBOB) is produced from refined crude oil. The terms gasoline, petro gasoline, and petrol are frequently used to refer to RBOB fuel. The fluctuations in the commodity’s supply and demand have the biggest impact on RBOB’s price. For instance, because it affects the supply produced by the numerous U.S. refineries in the gulf, hurricane weather in the Gulf of Mexico can significantly affect the price of RBOB. Summertime driving increases gas consumption, which has an impact on prices due to increased demand.
RBOB gas is significant from an investing standpoint since it serves as the standard for futures on gasoline. Furthermore, RBOB gas prices fluctuate independently of pump pricing. In light of this, you may now have some idea of what the retail price of gas will be in a few days. Traders seek to close any positions before important delivery dates since RBOB gasoline futures include the delivery of 42,000 gallons of gasoline on every contract.
The RBOB gasoline futures contract’s price is expressed in US dollars and cents. The smallest price tick for RBOB is 0.0001, or $4.20 for one contract’s movement. The contract unit has a capacity of 1,000 barrels or 42,000 gallons. The margin required to hold one futures contract is $4,460 for the initial margin and $4,060 for the maintenance margin; however, the CME may change these margin requirements based on the contract’s volatility.
So, if you need to learn how an API can get you real-time RBOB gasoline prices, we suggest using Commodities API. With Commodities API, tracking real-time RBOB gasoline prices is simple and quick. It can also be used by almost all of your personal digital devices.
So, if you would like to learn how to get real-time RBOB gasoline prices with Commodities API, follow these steps:
-Open a new account for the Commodities API.
-An API Key must be generated for the connection.
-Choose a product and its monetary value.
-The application will respond to a request you make through the gateway with an API response.
Regarding Commodities API
A service called Commodities-API provides market statistics for a range of commodities, such as coffee, cereal, and oils, for a price. Customers can buy them via an API, which can be established with partner banks in less than a minute. The website has API documentation for simple usage.
Due to its user-friendly features and precise data, Commodities API has been one of the most popular alternatives among business owners and developers. It can access more than 170 different coin types and get data with a two-decimal place precision.