8-3-20 RCC Energy Market Update

Oil prices rose during today’s session on higher equities, sensitive to the possibility of a second stimulus, along with encouraging economic data from Asia with the Chinese manufacturing data for July showing a better number than previously forecasted.   Marathon had a couple big stories in the news with the sale of their Speedway stores for $21 billion to Japanese retail group Seven & i Holdings, and the report that they will idle two refineries indefinitely.  The facilities located in California and New Mexico are slated to become a product terminal and a renewable diesel facility.  RBOB took the lead rising more than 3%, halting 5 straight session losses.  RBOB futures closed higher by $.0420, heating oil rose by $0.0169 and WTI futures rose $0.74.