RCC Energy update Wednesday 07/11/2018
NYMEX @ the close.
- August WTI Crude down $3.73 @ $70.38
- RBOB down 9.89 cents.
- HO down 12.1 cents.
- Gasoline down 9 cents today.
- Diesel down 13 cents today.
- LP finished down less than 1 cent at the Conway, Kansas hub today.
The weekly DOE report came out today and seemed to have bullish news on gasoline and crude stocks, with a small build in diesel stocks.
The bears chased the bulls out of the market though and the chased them pretty far.
The same traders who ran the markets up the past few weeks really sold off hard as you can see from the figures above.
Now they have decided that the Lybian crude problems aren’t as bad as once thought, infact the Lybians have re-opened 4 ports for crude export in the last few days.
The problem with the crude in Canada is not as bad as once thought, with the main owners of the large syn-crude operation coming and stating that they will be coming back on gradually the next few months.
It also seems that President Trump has convinced the Saudis to cover any lost crude supply by the problems in Venezuela.
What will the next news be that will run the market up?