4-6-21 RCC Energy Market Update

Gasoline prices drastically faded from a.m. highs and somewhat minimal gains in the battered crude oil and ULSD complex. RBOB was up by as much as 0.05/cpg at one point in Tuesday’s session, but it closed very near session lows and continued to fizzle out after settlement. Around mid-day trade RBOB price started to rise fast. Later, it did come back down a bit, May RBOB finished with a small gain of +0.052/cpg. The main change in the bullish trend from this morning was due to the EIA predicting gasoline consumption during the April-September driving season of 8.8 million barrels per day. That’s well above last year but falls some 700,000 barrels per day short of 2019 levels. WTI finished the day with +0.68/barrel increase. ULSD had the strongest gains in the complex on Tuesday’s trade, with May ULSD finishing +0.0217/cpg.