10-5-20 RCC Energy Market Update

The energy complex saw gains across the board with RBOB futures leading the way with futures settling up $0.0706 for the front month. Front month heating oil was up $0.0483 and crude was up $2.17.  Earlier today the markets were seeing support as new that U.S. President, Donald Trump was seeing signs of recovery after being diagnosed with Covid-19 and will likely be released from the hospital today. Outside of the United States, six oil and gas fields in Norway were shut as more workers joined a strike over pay.  The strike will cut Norway’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production according to the Norwegian Oil and Gas Association.