RCC Energy Update 8/30/18

RCC Energy update Thursday 08/30/2018

MARKET MOVES

NYMEX @ the close.

  • October WTI Crude up $0.98 @ $69.51
  • RBOB up 2.73 cents.
  • ULSD up 3.07 cents.

Group 3:

  • Gasoline up 3 cents.
  • Diesel up 3.25 cents.

Propane:

  • LP finished up 1 cent at the Conway, Kansas hub.

MARKET NEWS

A bullish DOE report lead the market yesterday.

Crude had a 2.6 MB draw down which was much larger than expected.

Both gasoline and diesel products had small draws, but builds were expected. An unexpected implied demand on both diesel and gasoline also helped rally the bulls.

The Iranian sanctions also played a part in yesterday’s bull market.