9-23-20 RCC Energy Market Update

Oil markets were relatively quiet during today’s trading session, minimally reacting to the EIA stock data which reported draws on WTI and refined products.  Oil inventories declined by 1.6 million barrels, causing oil to rise, but it didn’t have the momentum to sustain the increase.  At the settle, oil closed higher by $0.13.  RBOB rose just over 1%, closing higher by $0.0170 and Heating Oil price increased $0.0114. Going forward, with storm Beta moving inland, the Gulf of Mexico is finally free of storm activity in weeks, which could bring an opportunity for any storm related “risk premium” to come off.