RCC Energy Update 05/07/18

RCC Energy Update 05/07/2018

MARKET MOVES

 

NYMEX: @ 4:PM                                                              

  • June WTI Crude up $1.01 @ $70.73.                            
  • June RBOB up  2 cents.                                          
  • June HO up 3.1 cents.                                          

Group 3:

  • Gasoline up 3.75 cents today.
  • Diesel up 3.25 cents today.

Propane:

  • LP finished down a little less than 1 cent at the Conway, Kansas hub today.  

MARKET NEWS

The Iranian nuclear program drove the markets again today. The Trump admin. has said it will announce its decision on the 2015 Iranian nuclear accords at 1:PM tomorrow.

The $70.73 crude settlement today was 41 month high. The OPEC production cuts seem to have dried up the crude inventory surplus.

Hopefully the ever increasing drill rig count in North America will force the price back down at some point.