6-22-20 RCC Energy Market Update

The energy complex finished the day with gains seen across the board as WTI crude oil rallied higher, pulling the products with it.  Oil rose more than 1% today as tighter supplies from major producers and as covid-19 lockdowns continue to ease, however, any major gains were capped by the worries that a worldwide rise in new infections might stall a fuel demand recovery.  The World Health Organization reported a record rise in global cases on Sunday, the biggest cases gains seen in North and South America.  On July 1st, Kuwait and Saudi Arabia plan to resume production from their jointly-operated Khafaji and Wafra oilfields according to a senior Kuwaiti oil official.  Initial output is expected to be 80,000 barrels per day and then ramping up to 100,000 bbls per day two months later, with production reaching 175k bbls per day by years end.