RCC Energy Update 05/08/18

RCC Energy Update 05/08/2018

 

MARKET MOVES

 

NYMEX: @ 4:PM                                                              

  • June WTI Crude up $2.08 @ $71.14                            
  • June RBOB up  5.6 cents.                                          
  • June HO up 6 cents.                                          

Group 3:

  • Gasoline up 6.25 cents today.
  • Diesel up 6 cents today.

Propane:

  • LP finished up almost 2 cents at the Conway, Kansas hub today.  

MARKET NEWS

The  bulls were out in force today. In fact, they were charging.

The DOE report this morning had huge draws on crude and gasoline along with a big increase in implied gasoline demand also.

The non-commercial buyers are keeping their bullish stance too with the DOE news and the US pulling out of the Iranian nuclear accords. 

The last few days and weeks have really set the market up to possibly make quite a run. Will it last or have we made a move into new territory?