RCC Energy update Monday 06/25/2018
NYMEX @ the close.
- August WTI Crude down $0.50 @ $68.08
- RBOB down 1.9 cents.
- HO down 2.5 cents.
- Gasoline down 2.25 cents today.
- Diesel down 2.5 cents today.
- LP finished down .25 cents at the Conway, Kansas hub today.
After the all was said and done in Vienna this weekend, OPEC and the non-members invited to the meeting came up with a plan that wasn’t nearly as bad as traders made it out to be on Friday.
They agreed to cover Iranian and Venezuelan short falls along with an unexpected problem with a major oil sands producer in Canada. The company in Canada is being pretty mum about the deal, but it seems that a blown electrical transformer has shut the entire operation down for close to a month.
Trade on crude has switched to August trade, gasoline and diesel will follow Friday.
I think the most interesting thing about todays market was that while the products gave back about half the gain from Fridays’ run, crude gave back very little.