5/4/20 RCC Energy Market Update

The day started out mixed, as the energy complex rallied for gains across the board at the settle.  Gasoline futures were the big winner as  front month futures closed $0.0552 higher despite the lack of news to account for the gains seen.  This could suggest that demand is rebounding and could continue to rally as we progress through May.  WTI prices for June were up $0.61 seeing support from the gasoline market in spite of widespread suspicion that API and EIA data will show large inventory accumulations of crude on Tuesday and Wednesday. Diesel lagged a bit, which should be expected for the month of May as the month is typically a low point for global demand.