RCC Energy Update 8/8/18

RCC Energy update Wednesday 08/08/2018

MARKET MOVES

NYMEX @ the close.

  • September WTI Crude down $2.23 @ $66.94
  • RBOB down 8.45 cents.
  • HO down 5.34 cents.

Group 3:

  • Gasoline down 8 cents.
  • Diesel down 5 cents.

Propane:

  • LP finished down 2 cents at the Conway, Kansas hub.

MARKET NEWS

All products had a sharp decline today on a bearish DOR report and growing uncertainty of a possible trade war with China.

The EIA reported a draw on crude stocks of 1.4 MB, but that draw was less than the 3.3 MB draw analysts had predicted and much lower than the 6 MB draw predicted by the API on Tuesday afternoon.

Gasoline stocks had build of 2.9 MB, their first increase in six weeks. Diesel stocks increased by a larger than expected 1.2 MB.