The RBOB Gasoline Futures chart (NYMEX) shows a remarkable price journey spanning from 1992 to the present, with projections extending to 2030. This analysis will examine key technical patterns, fundamental drivers, and potential future scenarios for gasoline futures based on the historical data presented in the chart.

Technical Analysis

Long-Term Price Structure

The gasoline futures market has demonstrated significant volatility and several distinct phases over the past three decades:

• 1992-2000: Relatively range-bound trading between approximately $0.30-$0.70 per gallon
• 2000-2008: Strong uptrend reaching the first major peak near $3.63
• 2008-2020: Extended consolidation period with significant volatility
• 2020-2022: Post-COVID recovery and surge to all-time highs above $4.32
• 2022-Present: Retracement and consolidation between $2.00-$2.50

Major Support & Resistance Levels

• Key Resistance: $4.32 (2022 high), $3.63 (2008 high)
• Key Support: $2.00 psychological level, $0.50 (2020 COVID low)
• Current Trading Range: Approximately $2.00-$2.50

Trend Analysis

The long-term chart reveals a clear secular uptrend since 1992, despite significant corrections. The upward sloping trendline connecting the 1998, 2020, and subsequent lows remains intact, suggesting underlying strength even during bearish phases.

Potential Price Scenarios

1. Bullish Case: Break above $2.50 could target resistance at $3.00, with further strength potentially challenging the 2008 high of $3.63
2. Neutral Case: Continued consolidation between $2.00-$2.50, respecting the range established since late 2022
3. Bearish Case: Break below $2.00 could trigger a decline toward $1.50, especially if accompanied by economic recession or demand destruction

Fundamental Analysis

Supply Factors

• Refinery Capacity: Limited new refining capacity in developed markets creates potential supply constraints during peak demand periods
• Production Dynamics: U.S. refineries operating at high utilization rates, particularly during summer driving season
• Crude Oil Relationship: Gasoline prices maintain strong correlation with WTI and Brent crude benchmarks

Demand Factors

• Seasonal Patterns: Strong cyclical demand with peaks during summer driving season (May-September)
• Transportation Trends: Gradual EV adoption providing long-term headwinds, though internal combustion engines remain dominant
• Global Recovery: Post-pandemic travel recovery largely complete, with demand returning to pre-COVID levels

Regulatory Environment

• Emissions Standards: Increasingly stringent fuel specifications impact production costs and regional pricing
• Biofuel Mandates: Ethanol blending requirements and renewable fuel standards affecting gasoline composition and pricing
• Energy Transition Policies: Government initiatives promoting EV adoption represent gradual long-term demand risk

Comparative Market Analysis

Relationship to Crude Oil

Gasoline typically trades at a premium to crude oil, with the crack spread widening during high-demand periods. The chart pattern shows strong correlation with crude oil price movements, particularly during major trends.

Other Refined Products

When compared to heating oil and jet fuel futures, gasoline demonstrates greater seasonal volatility, typically outperforming during summer months and underperforming during winter.

Crack Spread Implications

The 3:2:1 crack spread (three barrels of crude oil yielding two barrels of gasoline and one barrel of distillate) offers insight into refining profitability and potential gasoline price movements.

Market Sentiment & Positioning

Based on the chart pattern and current market dynamics:

• Institutional Positioning: Commercial hedgers likely maintaining significant short positions to hedge physical production
• Seasonal Expectations: Market anticipating typical seasonal patterns despite energy transition uncertainty
• Price Action Signals: The multi-year consolidation suggests a market seeking equilibrium between evolving supply-demand dynamics

Forecast Scenarios (2025-2030)

Bullish Scenario

If economic growth remains robust and refining constraints persist, prices could retest the $3.00-$3.50 range, particularly during supply disruptions or geopolitical tensions affecting crude oil.

Base Case Scenario

Continued range-bound trading between $2.00-$3.00, with seasonal fluctuations and gradual upward bias following inflation and production costs.

Bearish Scenario

Economic recession combined with accelerated EV adoption could pressure prices below $2.00, potentially testing long-term support near $1.50.

Beginner’s Guide to Gasoline Futures

Gasoline futures (RBOB – Reformulated Blendstock for Oxygenate Blending) represent wholesale gasoline prices traded on the NYMEX exchange. Each contract represents 42,000 gallons (1,000 barrels) of gasoline.

These futures are important for:

• Refiners hedging production
• Distributors managing price risk
• Investors seeking exposure to energy markets
• Traders capitalizing on seasonal patterns

Conclusion

The gasoline futures market has demonstrated resilience through multiple economic cycles. While the long-term chart shows a clear upward bias since 1992, the energy transition creates uncertainty for extended forecasts. The current consolidation phase likely represents a market balancing traditional demand patterns against evolving energy trends.

Traders should monitor key technical levels while remaining attentive to fundamental shifts in transportation habits, refining capacity, and regulatory policies that could trigger the next major price trend.

FAQs

Q: What factors most influence gasoline futures prices?
A: Crude oil prices, refinery operations, seasonal demand patterns, inventory levels, and regulatory requirements all significantly impact gasoline futures.

Q: How do gasoline futures relate to pump prices?
A: Gasoline futures represent wholesale prices that typically lead retail pump prices by 1-2 weeks, making them a useful indicator for consumer fuel costs.

Q: What seasonal patterns affect gasoline trading?
A: Prices typically rise during spring, peak in summer driving season (May-September), and decline in fall and winter as demand decreases.

Technical Analysis

Major Price Levels and Patterns

The chart reveals a multi-decade price history with significant volatility. Key observations include:

• Current price level: Around 2.20-2.30 USD per gallon
• Major resistance zones:
  • 3.30-3.40 (2022 high)
  • 4.15-4.30 (2022 multi-year peak)
• Key support levels:
  • 2.00 (psychological level)
  • 1.60-1.70 (previous consolidation zone)
  • 0.85-1.00 (long-term rising trendline)

The market has formed a long-term rising channel since the 1998-2000 lows, with prices generally respecting this upward trajectory despite periodic deep corrections.

Long-Term Trend Analysis

The market has experienced several major cycles:

1. 1990s: Relatively low-volatility trading range
2. 2000-2008: Strong bull market reaching peaks near 4.00
3. 2008-2020: Volatile correction and consolidation
4. 2020-2022: Sharp recovery from pandemic lows to multi-year highs
5. 2022-Present: Correction and consolidation from recent peaks

The overall structure suggests a secular bull market with higher lows over multiple decades, though with significant retracements.

Price Forecast Scenarios

Bullish Case (40% probability)

If heating oil prices break above the 2.50-2.70 resistance zone, we could see a test of the 3.30-3.40 resistance level within 12-18 months. Should global supply constraints intensify or geopolitical tensions escalate, prices could challenge the 2022 highs around 4.15-4.30 over a 2-3 year timeframe.

Neutral Case (35% probability)

The most likely scenario suggests continued consolidation between 1.80 and 2.70 for the next 12-24 months. This pattern would respect the long-term uptrend while allowing the market to digest recent volatility and establish a firmer base for the next major move.

Bearish Case (25% probability)

A breakdown below 1.80 support could trigger a deeper correction toward the 1.30-1.50 range, particularly if economic recession materializes or renewable energy adoption accelerates faster than expected. However, the long-term rising trendline suggests strong support would likely emerge around these levels.

Fundamental Drivers

Supply and Demand Dynamics

• Refinery capacity constraints remain a key factor, with limited investment in new refining infrastructure putting pressure on distillate supplies
• Seasonal demand patterns continue to influence prices, with winter heating demand in the Northern Hemisphere creating cyclical price pressure
• Commercial inventory levels in major consuming regions (particularly the US Northeast and Europe) remain below historical averages

Macroeconomic and Geopolitical Factors

• Energy transition policies are creating uncertainty around long-term demand outlook
• OPEC+ production decisions continue to influence the broader petroleum complex, including heating oil
• Geopolitical tensions in major oil-producing regions present ongoing supply risk
• USD strength or weakness has historically shown inverse correlation with heating oil prices

Comparative Market Analysis

Heating oil maintains strong correlation with:

• Crude oil futures (WTI and Brent) with typical spread relationships
• RBOB gasoline futures though with distinct seasonal patterns
• Natural gas prices with substitution effects during extreme price movements

The current heating oil-to-crude spread remains somewhat elevated compared to historical averages, suggesting potential for compression if crude prices strengthen or heating oil demand softens.

Investor Positioning

Recent Commitment of Traders (COT) reports indicate:

• Commercial hedgers (primarily refiners and distributors) maintain moderate net-short positions
• Managed money (hedge funds and large speculators) have reduced exposure following the 2022 price spike
• Open interest levels suggest adequate market liquidity for most trading strategies

Key Considerations for Traders

1. Monitor seasonal factors closely, particularly inventory builds during shoulder seasons
2. Watch refinery utilization rates for early signs of supply constraints
3. Track the heating oil/crude oil spread for potential trading opportunities
4. Consider geopolitical risk premium in pricing, particularly during periods of Middle East tension

Conclusion

The long-term heating oil futures chart suggests a market that remains in a secular uptrend but is currently in a consolidation phase following the extreme volatility of 2020-2022. While further correction remains possible, the fundamental structure of the market and historical price patterns suggest limited downside over a multi-year timeframe.

Traders should maintain a balanced approach, watching for key technical levels to guide entry and exit decisions while remaining alert to the fundamental drivers that could accelerate moves in either direction.

FAQ Section

What are Heating Oil Futures and why are they important?

Heating Oil Futures (NYMEX: HO) are standardized contracts for the delivery of heating oil at a future date. They’re critical for energy market participants to hedge against price volatility and are widely used by refiners, distributors, and large consumers. They also serve as a key benchmark for the broader distillate market, including diesel fuel.

How do seasonal factors affect Heating Oil prices?

Heating Oil typically experiences price increases during fall and early winter as demand for home heating rises in the Northern Hemisphere. Prices often peak between December and February, then decline into spring. Weather forecasts and inventory reports become particularly significant during these seasonal transition periods.

What’s the relationship between Heating Oil and Crude Oil prices?

Heating Oil is refined from crude oil, so there’s a strong positive correlation between their prices. However, the “crack spread” (difference between crude oil and refined product prices) can vary significantly based on refinery capacity, seasonal demand, and inventory levels. When analyzing Heating Oil, always consider the crude oil market’s direction and the current crack spread.

How might the energy transition affect Heating Oil markets long-term?

The global push toward electrification and renewable energy creates uncertainty for petroleum-based heating. Policies encouraging heat pump adoption and building electrification could gradually reduce demand in developed markets. However, this transition will likely be measured over decades rather than years, with developing economies potentially offsetting some demand loss.

What economic indicators should I monitor when trading Heating Oil?

Key indicators include weekly EIA inventory reports, refinery utilization rates, GDP growth forecasts, manufacturing indices (particularly in heating-intensive regions), housing starts, and consumer sentiment surveys. Weather forecasts become critically important during winter months.

The chart shows the long-term price history of Brent Crude Futures (BRN) from approximately 1994 to early 2024, displaying a volatile price journey with significant highs and lows over nearly three decades. Currently, the price is trading around $72.01, well below historical peaks but maintaining a relatively stable range in recent years.

Technical Analysis

Major Support & Resistance Levels

• Strong historical resistance around $145-150 (seen in 2008 and 2022)
• Current trading range support around $65-70
• Historical support zones around $20-25 (tested in early 2000s and briefly in 2020)

Long-Term Trend Analysis

The Brent Crude market has experienced several distinct cycles:

• 1994-1999: Relatively low price environment ($10-25 range)
• 2000-2008: Strong bull market culminating in the 2008 peak near $145
• 2008-2009: Sharp correction during financial crisis
• 2009-2014: Recovery and stability around $100-120
• 2014-2020: Significant bear market and volatility
• 2020-present: Recovery from COVID lows and consolidation

The market appears to be in a long-term consolidation phase after the extreme volatility of 2020-2022, with prices stabilizing in the $70-90 range.

Fibonacci Retracement Analysis

From the 2020 low to the 2022 high, current prices represent approximately a 50% retracement, suggesting balanced market forces between bulls and bears.

Macroeconomic Factors

Supply Dynamics

• OPEC+ production decisions remain pivotal to global supply
• US shale production flexibility creates price ceiling effects
• Recent geopolitical tensions in the Middle East affecting risk premiums

Demand Considerations

• Global economic growth forecasts show mixed signals
• Energy transition efforts impacting long-term oil demand outlook
• Transportation sector evolution (electric vehicles) creates headwinds

Global Economic Risks

• Inflation pressures and central bank policies affecting energy consumption
• USD strength correlation with oil prices (inverse relationship)
• Potential economic slowdowns in major economies like China affecting demand

Multiple Price Scenarios

Bullish Case (12-24 months)

• Prices could retest the $90-100 range if:
  • Geopolitical tensions escalate in key production regions
  • OPEC+ maintains strict production discipline
  • Global economic growth exceeds expectations
  • Potential target: $85-95 range

Neutral Case (12-24 months)

• Continued consolidation in the $65-85 range if:
  • Supply and demand remain relatively balanced
  • No major geopolitical disruptions occur
  • Economic growth remains moderate
  • Potential range: $65-85

Bearish Case (12-24 months)

• Downside risks toward $50-60 if:
  • Global recession materializes
  • OPEC+ coordination breaks down
  • Energy transition accelerates faster than expected
  • Potential target: $55-65 range

Comparative Market Analysis

Energy Market Correlations

• Natural gas prices showing divergence from oil in recent years
• Refined products (gasoline, diesel) spreads indicating demand patterns
• Renewable energy investment trends creating long-term structural changes

Cross-Asset Relationships

• USD strength typically pressures oil prices
• Inflation expectations closely tied to energy prices
• Equity market correlations with oil becoming more complex

Market Sentiment & Positioning

Institutional vs. Retail Outlook

• Large speculators currently holding modest net long positions
• Commercials (hedgers) maintaining strategic short positions
• Retail sentiment appears mixed with slight bearish bias

Key Liquidity Zones

• $65-70 zone represents significant technical and psychological support
• $80-85 area has become important resistance in recent market structure
• The $100 mark remains a critical psychological level for market participants

For Beginners: Understanding Brent Crude Futures

Brent Crude is the international benchmark for oil prices, representing light, sweet crude oil from the North Sea. It’s used to price approximately two-thirds of globally traded oil. The futures market allows producers, consumers, and speculators to manage price risk and express market views.

Key factors that make Brent Crude important:

• Essential input for global transportation and industrial processes
• Significant impact on inflation and economic growth
• Geopolitical importance as a strategic resource

Conclusion

The Brent Crude market appears to be in a consolidation phase after extreme volatility in 2020-2022. The long-term chart suggests a market finding equilibrium between structural demand changes (energy transition) and traditional supply-demand fundamentals. Traders should monitor OPEC+ decisions, global economic indicators, and geopolitical developments for clues about future price direction.

FAQ

Q: What is the most significant factor affecting Brent Crude prices currently? A: OPEC+ production decisions, geopolitical tensions in the Middle East, and global economic growth expectations are the three most important factors.

Q: How does the energy transition affect oil price forecasts? A: The energy transition creates long-term headwinds for oil demand, potentially limiting upside price potential while making the market more sensitive to short-term supply disruptions.

Q: What technical levels should traders watch closely? A: The $65-70 support zone and $80-85 resistance area are crucial for near-term price action, while the psychological $100 level remains significant for longer-term sentiment.

The chart you’ve shared displays the long-term yearly price action for Natural Gas Futures (NG) from approximately 1990 to the present (2025), showing significant price volatility and several major market cycles. This analysis will examine key technical patterns, support and resistance levels, and provide multi-scenario forecasts based on historical price action and fundamental factors affecting the natural gas market.

Technical Analysis

Major Price Patterns & Historical Movement

Looking at the long-term chart, we can identify several key technical observations:

1. Historical Price Range: Natural gas has traded primarily between $1.00 and $15.00 over the past three decades, with exceptional spikes above $15.00 occurring in 2005-2006.
2. Long-Term Support Levels:
   • Major support zone around $1.50-2.00, tested multiple times since 1990
   • Secondary support at $2.50-3.00 range
3. Key Resistance Levels:
   • Primary resistance zone at $6.00-7.00
   • Major historical resistance at $10.00-12.00
   • Ultimate resistance at $15.00+ (2005-2006 peak)
4. Multi-Year Cycles: The chart reveals 5-8 year cycles of expansion and contraction, with major price spikes occurring in 2000-2001, 2005-2008, and 2021-2022.
5. Current Position: As of March 2025, natural gas is trading in a consolidation range between approximately $2.00-5.00, with current price around $4.21 as indicated on the chart.

Price Forecasts Based on Technical Patterns

Short-Term Outlook (6-12 months):

• Bullish Scenario: Break above $5.00 could target the $6.00-7.00 resistance zone
• Neutral Scenario: Continued consolidation between $3.50-5.00
• Bearish Scenario: Failure to hold above $3.00 could retest the $2.50 support level

Medium-Term Outlook (1-3 years):

• Bullish Scenario: Sustained economic growth and increasing demand could push prices toward the $8.00-10.00 range
• Neutral Scenario: Range-bound trading between $3.00-6.00
• Bearish Scenario: Economic slowdown and oversupply could pressure prices back toward the $2.00-2.50 support zone

Long-Term Outlook (3-5 years):

• Bullish Scenario: Structural market changes and energy transition policies could create supply constraints, potentially testing the $12.00-15.00 resistance
• Neutral Scenario: Cyclical movement between $3.00-8.00 based on seasonal and economic cycles
• Bearish Scenario: Technological advancements in alternative energy and continued production efficiencies could cap prices below $5.00 long-term

Fundamental Analysis

Key Market Drivers

1. Supply Dynamics:
   • US shale production capabilities and drilling activity
   • LNG export facility expansions and utilization rates
   • Pipeline infrastructure developments and constraints
   • Production disruptions from weather events or geopolitical factors
2. Demand Factors:
   • Power generation mix (coal-to-gas switching dynamics)
   • Industrial demand fluctuations
   • Residential/commercial heating and cooling needs
   • Global LNG demand, particularly from Europe and Asia
3. Storage Considerations:
   • Current storage levels relative to 5-year average
   • Injection/withdrawal rates during key seasonal periods
   • Storage capacity constraints in regional markets
4. Weather Patterns:
   • Winter heating demand forecasts
   • Summer cooling demand expectations
   • Potential for extreme weather events affecting production or consumption

Macroeconomic Influences

1. Energy Transition Policies:
   • Government regulations on emissions and fossil fuel usage
   • Carbon pricing mechanisms affecting natural gas competitiveness
   • Renewable energy integration and its impact on gas-fired power generation
2. Global Economic Conditions:
   • Industrial production and manufacturing activity
   • Overall economic growth or contraction affecting energy demand
   • Interest rate environment and inflation impacts on energy investment
3. Geopolitical Factors:
   • European energy security concerns and reliance on LNG imports
   • Russia-Ukraine conflict implications for global gas markets
   • Middle East tensions affecting global energy markets
4. USD Strength Correlation:
   • As a USD-denominated commodity, natural gas prices are partially influenced by dollar strength/weakness
   • Interest rate differentials affecting currency movements and commodity pricing

Comparative Market Analysis

Natural Gas vs. Other Energy Commodities

1. Crude Oil Relationship:
   • Historical correlation with oil prices has weakened but still exists
   • Spread trading opportunities between natural gas and crude oil
   • Associated gas production influenced by oil drilling economics
2. Coal Market Dynamics:
   • Fuel switching economics between coal and natural gas for power generation
   • Environmental policies increasingly favoring natural gas over coal
   • Regional variations in fuel preferences based on infrastructure and availability
3. Renewable Energy Impact:
   • Growing renewable capacity affecting natural gas demand patterns
   • Natural gas as a complementary “bridge fuel” during energy transition
   • Battery storage technology advancement potentially limiting peak gas demand

Regional Market Disparities

1. North American Market:
   • Henry Hub benchmark pricing vs. regional basis differentials
   • Pipeline capacity constraints creating regional price disparities
   • Seasonal demand patterns influencing regional price spreads
2. European Market:
   • TTF (Dutch) and NBP (UK) pricing dynamics
   • Import dependency creating premium pricing relative to North America
   • Storage capacity limitations affecting seasonal price volatility
3. Asian Market:
   • JKM (Japan/Korea Marker) premium pricing during peak demand
   • Seasonal buying patterns affecting global LNG flows
   • Infrastructure development affecting long-term pricing structures

Market Sentiment & Positioning

Institutional vs. Retail Outlook

1. Commercial Hedger Positioning:
   • Producer hedging strategies influencing forward curve dynamics
   • Utility company procurement strategies affecting seasonal demand
   • Industrial consumer long-term contracting vs. spot market purchasing
2. Financial Investor Activity:
   • Speculative positioning in futures and options markets
   • ETF and commodity index fund flows
   • Algorithmic trading impacts on short-term price volatility
3. Retail Trader Sentiment:
   • Small speculator positioning often serving as contrarian indicator
   • Retail trading flows during extreme price movements
   • Media coverage influencing retail participation

Key Volatility Catalysts

1. Weekly Inventory Reports:
   • EIA storage data releases causing short-term price swings
   • Deviation from expected inventory builds/draws amplifying volatility
2. Weather Forecast Updates:
   • Revisions to temperature outlooks during critical seasons
   • Tropical storm and hurricane forecasts affecting Gulf production
3. Policy Announcements:
   • Regulatory changes affecting production or consumption
   • Environmental policy shifts impacting natural gas usage

Guide for New Natural Gas Traders

Understanding Natural Gas Futures

Natural gas futures (NG) represent standardized contracts for the delivery of natural gas, with each contract covering 10,000 million British thermal units (MMBtu). These contracts are traded on the New York Mercantile Exchange (NYMEX) and serve several important functions:

1. Price Discovery: Futures markets help establish transparent pricing for physical natural gas transactions.
2. Risk Management: Producers, consumers, and utilities use futures to hedge against adverse price movements.
3. Investment Vehicle: Traders and investors use natural gas futures for speculative opportunities and portfolio diversification.

Key Trading Considerations

1. Seasonality: Natural gas prices typically follow seasonal patterns, with higher prices during winter heating and summer cooling seasons.
2. Volatility: Natural gas is known for its price volatility compared to other commodities, requiring appropriate risk management.
3. Storage Reports: Weekly EIA storage reports (released Thursdays) often trigger significant price movements.
4. Weather Sensitivity: Short-term price action is heavily influenced by temperature forecasts and extreme weather events.

Conclusion & Strategic Outlook

The natural gas market has demonstrated its cyclical nature over decades, with recurring patterns of boom and bust. Current technical positioning suggests we may be in a consolidation phase following the dramatic 2021-2022 price spike.

Looking forward, several strategic considerations emerge:

1. Structural Market Changes: The growing importance of LNG exports has fundamentally altered the North American natural gas market dynamics, creating tighter connections to global pricing.
2. Energy Transition Impact: Natural gas will likely play a crucial “bridge fuel” role during energy transition, potentially supporting prices despite renewable energy growth.
3. Technological Evolution: Advancements in production efficiency continue to exert downward pressure on the cost curve, creating a potential long-term ceiling on sustainable price levels.

For traders and investors, maintaining awareness of seasonal patterns, monitoring key support/resistance levels, and understanding the fundamental drivers outlined above will be essential for navigating this complex market effectively.

FAQ: Natural Gas Futures Trading

Q: What factors cause the most significant price movements in natural gas?
A: Weather forecasts, weekly storage reports, production disruptions, and unexpected changes in LNG export capacity typically cause the largest short-term price movements.

Q: How does seasonality affect natural gas prices?
A: Natural gas typically experiences price strength during winter (heating demand) and summer (cooling demand), with potential weakness during the “shoulder seasons” of spring and fall when demand is lower.

Q: What’s the relationship between natural gas and crude oil prices?
A: While historically linked, this relationship has weakened in recent years. However, they still share some correlation due to associated gas production from oil wells and competition in certain end-use markets.

Q: How might the energy transition affect natural gas prices long-term?
A: Natural gas may benefit initially as a cleaner alternative to coal, but faces long-term pressure as renewable energy capacity expands. The pace of this transition varies significantly by region.

Q: What are the key technical levels to watch for natural gas futures?
A: Currently, watch the $5.00-5.50 zone as immediate resistance, with $3.00-3.50 serving as key support. Breaking above $6.00 would signal potential for a more significant rally.Wiederholen

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The provided chart displays the long-term price action of Light Crude Oil futures (WTI) from 1983 to 2025, showing historical price movements and potential future projections.

Currently trading around $63.34, WTI crude has experienced significant volatility throughout its history, with dramatic price swings reflecting the complex interplay between geopolitical events, supply-demand dynamics, and macroeconomic factors.

Important price levels are now the low of the years 2003 at $63.64 and 2004 at $65.27. Below this critical price levels, the market stays bearish. The longer price forecast shows downside potential to the 50 % Fibonacci Retracement at $45.06, a little below the low of 2021 at $47.18.