4-23-20 RCC Energy Market Update

What started out as solid gains in RBOB and ULSD futures to start the day evaporated as the day went on as WTI crude still finished the day with solid gains. Part of those early product gains losing steam as the day went on are continued worries over demand destruction related to coronavirus, overwhelmed initial optimism based on the expected additional U.S. economic stimulus package, as well as dwindling Middle East tensions in the Persian Gulf. Thursday’s close saw June WTI futures finishing +$2.72/bbl, ULSD May futures finishing +$0.0034cpg, while RBOB May futures finished +$0.0052cpg.