1-4-21 RCC Energy Market Update

The first trading session of 2021 proved to be a volatile start to the year that saw the energy complex moving higher early before gains faded to losses at the close. There is plenty of news for the market to trade on with a lot of attention on OPEC+ oil producers discussing future output plans, specifically if they should increase production in February. Reports that the Saudis are pushing against increasing production due to a struggling market while Russia is lobbying for the 500,000 barrel per day (bpd) increase with talks continuing tomorrow. A lot of focus still remains with the pandemic as variant strains have renewed fears of lockdowns as the several vaccines continue to be distributed across the globe. Lastly, the US Senate runoff in Georgia is also drawing the eyes of many as the election is tomorrow could keep markets choppy this week. At the close today, crude oil fell $0.90 lower, distillate dropped  $0.0220, and gasoline down $0.0372.