7-6-20 RCC Energy Market Update

Petroleum futures finished Monday mixed across the board, and the clear catalyst is yet another staggering increase for global markets, which appear to be dismissing any threats from the coronavirus pandemic. Gains in some foreign equities markets were in excess of 6%, and U.S. equity indices rose 1.5%-2.4% Monday morning, despite rising case numbers of COVID-19. Oil was at first a belated participant in the asset inflation, but just before 11am central time, the market had pick up plenty of buying momentum. August WTI managed to finish the day -0.02ct/bbl. RBOB was off by -$0.02/cpg or more in the early part of the day and held onto the early losses for August RBOB finishing the day -0.0184cpg. Diesel held onto early gains from this morning finishing the day +0.0106/cpg.