6-23-20 RCC Energy Market Update

Petroleum futures started out with gains seen across the board, however failed to hold in positive territory at the settle. Early news that the U.S. / China trade deal was on thin ice, however was corrected later yesterday evening, however the markets stayed on the defensive amidst future concerns if Chinese continuing to buy U.S. goods.  Front month gasoline futures were able to make positive ground, closing  +$0.0081 while distillate futures were down $0.0156. WTI crude settled lower down 36 cents.  Mexican national oil company Pemex said that its Salina Cruz oil refinery, the country’s largest, is offline following a small fire that broke out after a major earthquake struck nearby. The earthquake measured 7.4 magnitude and hit the coast of southern Mexico earlier this afternoon.  The API report is expected to be released this afternoon.