7-1-20 RCC Energy Market Update

Crude oil and product futures gave back some earlier gains, but still managed to finish positive on the day, as a bullish inventory report helped to overshadow concerns about the demand impact of a resurgent coronavirus disease. WTI finished $.55 higher, after the EIA report that showed crude oil stocks sank by 7.2 million bbls last week. Gasoline finished the day up $.0154 even after showing builds and inventories remaining above the 5-year average for this time of year. Diesel also saw gains on the day up $.0131 gaining strength from a 600,000 bbl draw however, diesel inventories are still considerably higher than the 5-year average for this time of year.