6-26-20 RCC Energy Market Update

The complex ended the week with more losses seen today, and you guessed it, coronavirus fears grow as due the amount of infected cases.  Additionally there are growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs.  Early gains supported by optimism over rising road traffic boosting fuel demand, were erased in the United States trading on fears that spiking COVID-19 infections in large gasoline-consuming state (California, Texas and Florida) would stall the demand recovery. Today’s Baker Hughes rig count was down 1 from last week to 265 – U.S. rigs are down 702 rigs from last year’s count of 967.