8-12-20 RCC Energy Market Update

The energy complex closed higher today as the market was pushed up by a bullish inventory report. The EIA showed strong demand for gasoline in the most recent week, helping keep petroleum futures climbing through the session on Wednesday. WTI finished the trading session up $1.06/bbl to $42.67/bbl, the highest point for a front-month contract since March 6. RBOB saw the largest gains of the day, with front month prices moving up 3.93cts. Diesel showed modest gains as well up 1.88cts. Oil prices were also helped by a strong rally in equity markets today, with the Dow Jones Industrial Average gaining nearly 1%.