RCC Energy Update 8/22/18

RCC Energy update Wednesday 08/22/2018

MARKET MOVES

NYMEX @ the close. 

  • October WTI Crude down $2.02 @ $67.86
  • RBOB down 5 cents.
  • ULSD down 4.47 cents.

Group 3:

  • Gasoline up 5 cents.
  • Diesel up 4.75 cents.

Propane:

  • LP finished down 2.25 cents at the Conway, Kansas hub.

MARKET NEWS

The bulls ran the market up hard today. The overnight markets were up long before the bullish DOE report came out this morning.

U. S. National Security Adviser John Bolton spoke in Israel about how the sanctions against Iran are working better than expected and the US was researching ways to make them stronger.

The speech on Iranian sanctions plus a big draw on crude products after the speech fed the bulls even more.

We shall see where it goes.