7-27-20 RCC Energy Market Update

The past few weeks have shown an overall balanced energy complex, today was no different. The energy complex ended the day mixed with crude oil managing to bounce out of red figures and into positive territory while petroleum products ended the day moving slightly lower. It was an active day for all products starting out the morning with gains before giving way to steep losses until fighting back off of the lows of the day in the afternoon. Gasoline seemed to be dragging the two other products lower with multi-cent losses for majority of the session and ended the day down $0.0101, distillate managed to limit any significant damage today with losing $0.0022, and WTI was the only product in the positive as it added $0.31. There are little new headlines out today but many are focusing on the spread of coronavirus across the globe and fears of a second wave reversing any demand recovery that has been experienced. Analysts will also be looking at this week’s US inventory reports tomorrow afternoon and Wednesday morning to help provide direction for energy markets.