9-21-20 RCC Energy Market Update

Petroleum futures finished sharply lower today, with the contracts giving back a healthy portion of last week’s gains.  Prices fell below $40 where WTI traded down the 10 day moving average before rebounding slightly to finish the day with an overall decrease of $1.80 from this morning’s open.  Concerns continue over weakening global demand, triggered by fears of new lockdown measures in Europe and an increasing oil glut.  RBOB showed the most weakness, falling over 4.2% to close lower by $0.0595.  Heating Oil was right behind, falling 3.9%, $0.0517.