8-21-20 RCC Energy Market Update

Markets were down today on headlines of slowly recovering demand, OPEC+ production, and tropical storm predictions in the Gulf of Mexico. Products did make a slow recovery off session lows today, as the strength of the US Dollar and speculation of Libyan oil exports in October effected markets. Rig counts increasing in the Permian basin also hampered the midafternoon recovery, but evacuations from offshore oil platforms in the Gulf of Mexico due to tropical storms predicted to affect the region lessened the drag on the futures. Ultimately, WTI finished down $0.48, distillates finished down $0.0387 and gasoline finished down for the first time this week $0.0124.