7-28-20 RCC Energy Market Update

It was a pretty lackluster day of trading today as crude oil gave back gains made from yesterday and petroleum products continued the move lower. There is an expectation of difficult conversations over the next several days between Republicans and Democrats on the next economic stimulus package as the United States continues to recover from the global pandemic. One analysts, John Kilduff, stated “There’s concern with the stimulus out of Washington, which is critical to the oil complex and to supporting demand, especially for gasoline.” He also stated the longer the negotiations drag on, the more it will weigh on market sentiment. Many will now focus their attention to US inventory reports expected this afternoon and tomorrow morning after an initial poll taken by Reuters analysts has reported a small build in crude inventories and draws in products which should assist in providing market a direction. At the bell, crude oil prices loss $0.56, distillate ended down $0.0120, and gasoline moved $0.0091 lower.