Throughout the trading session on Wednesday we saw U.S. crude oil prices advance almost 20% while RBOB futures shot up by more than 25% during a session that saw gains throughout the complex. June WTI contract gained +$2.21/bbl . Crude futures saw about $6 between lows and highs throughout the day; a large spread given that the front month is now firmly below $15/bbl. The July contract gained +$2/bbl. RBOB futures saw the largest proportional gains for the day, with the May contract finishing up +0.1281. The contract saw a swing of 0.19cpg between lows and highs; an indication of just how volatile things have become. Whereas ULSD futures faded as the trading session neared its end, but still finished in the black up 0.0042 while the June ULSD futures also saw more activity gaining 0.0166cpg.
The increases came as the U.S. Energy Information Administration’s (EIA Report) inventory data showed a build in gasoline inventories last week of only 1 million bbl, and indication that refinery slowdowns in response to dropping demand due to coronavirus is helping keep markets somewhat balanced. The EIA reported crude oil inventories were up by 15 million bbl last week, while ULSD stocks shot up by 7.9 million bbl.