4-5-21 RCC Energy Market Update

Throughout Monday, the petroleum complex fell under selling pressure as futures gave back most of the gains seen ahead of the long holiday weekend. While prices fell sharply, the range in crude oil and refined products that has developed over the past couple of weeks remains well intact, though prices are moving back toward the lower end of those ranges. Demand concerns continue to creep back into the market, particularly as some countries are seeing record levels of COVID-19 cases, with India being among those with spiking cases. Additionally, some selling based on the gradual supply increases from OPEC+ has kept a lid on prices even as the dollar weakens and equities markets continue to hit record highs. At the close, WTI May contract closed at -2.80/barrel. ULSD finished Monday down -0.0592/cpg, while RBOB finished the day down -0.0612/cpg.