RCC Energy Update 06/20/18

RCC Energy update Wednesday 06/20/2018

MARKET MOVES

NYMEX: @ the close.

  • July WTI Crude up $1.15 @ $66.22
  • July RBOB down 1.44 cents.
  • July HO down 1.47 cents.

Group 3:

  • Gasoline down 1.5 cents today.
  • Diesel down .25 cents today.

Propane:

  • LP finished even at the Conway, Kansas hub today.

MARKET NEWS

The DOE report came out today.

The products were bearish, as gasoline had a build a little over 3MB and diesel had a build just under 3 MB.

Crude was very bullish with the EIA reporting a drop in crude inventories of almost 6MB.

Besides the bullish inventory report on crude, the traders are waiting anxiously to see what comes out of Fridays OPEC meeting.

Will OPEC and Russia increase crude production? The decision could give some significant direction to the market either way it goes.