1-12-21 RCC Energy Market Update

Oil prices shot up to levels not seen since mid-February, posting further gains riding the wake of the OPEC+ cuts, and edged a bit higher by a slightly weaker dollar.  RBOB futures showed the most strength rising higher by 2.23%, up $0.0322. Heating oil jumped by $0.0232. WTI finished moderately higher, up $0.96. API figures will be published in the next hour or so, the updated expectations are for a draw on crude of 2.27 m/b and builds on gasoline and distillates of 2.7 m/b each.