3/30/20 RCC Energy Market Update

The energy complex started this morning with across-the-board losses as fears over demand destruction continue as President Donald Trump announced an extension of the federal social distancing guideline until April 30th. Crude oil spent a portion of the day trading below the key support level of $20/barrel before late buying pushed the contract higher losing $1.42 for the day. Refined products traded in opposite directions throughout the day as losses this morning in distillate were pushed lower to greater than $0.06/gallon at times pushing the contract below $1/gallon, a loss of $0.0491 today. Gasoline surprisingly managed to close in positive territory as light trade volumes in the expiring month of April lifted prices higher by $0.0118.