7-30-20 RCC Energy Market Update

The energy complex struggled from the start in today’s session and fell into a free fall after weak US economic data was released. It resulted in the largest one-day drop in crude oil futures in more than a month and closed below $40 per barrel. Petroleum products were also sharply down on the day but were able to fight back off of lows from the day to limit the damage. The latest US data released on Q2 showed the nation’s economy shrunk by more than 30% and jobless claims rose for the second consecutive week. An uptick in coronavirus cases across the globe is also weighing on markets as fears of another wave of lockdowns will impact future demand. At the close, crude oil ended down $1.35, gasoline lost $0.0211 , and distillate moved down $0.0414.