4/29/20 RCC Energy Market Update

Oil prices surged today as the EIA reported smaller stock builds on crude oil and distillates than were expected.  Markets were poised higher at the open after API reported yesterday the first gasoline draw in 5 weeks (-1.11 m/b), but when the draw was more than expected (-3.7 m/b) that added momentum to the upswing of all the products.  WTI moved higher over 20%, $2.72.  Heating Oil futures showed strong gains of $0.637.  RBOB futures ended the session higher by $0.0600.