5-18-20 RCC Energy Market Update

Confidence in an economic recovery and improved demand have pumped up the value of crude oil and refined products to more than two-month highs. June WTI expires tomorrow and is going out in strong fashion, trading as high as $33.32 this morning closing +$2.39. Refined product futures were also on the rise this morning with crude oil. While late last week saw RBOB setting the products pace, to start this week it is the ULSD contract posting the better of the gains. Gains of almost a dime have been hitting the ULSD contract, a gain of roughly +0.0860/cpg. Most of the RBOB activity was in the July contract, but June finished the day at up +0.0556/cpg. Should RBOB retain these levels, it would be the first $1-plus settlement since March 11th.