8-11-20 RCC Energy Market Update

The morning rally that had WTI futures flirting with $43/bbl ran into a wall of selling that pushed prices lower in the afternoon. No major headlines were sited for turning the markets around, but some traders continue to believe WTI will continue to struggle sustaining rallies. Gasoline could be to blame for the turn in the energy complex as gas turned strongly negative mid-morning and may have pulled the complex with it. Gas finished the day down 2.35cts while diesel finished the day up .38cts. Traders eagerly wait for the inventory reports due out tomorrow to set direction in the market.