1-6-22 RCC Energy Market Update

Crude oil and refined product contracts saw a fourth-straight day of gains Thursday, as concerns about global crude oil supplies helped push prices upward. Crude oil outperformed products, with the February contract for West Texas Intermediate (WTI) crude rising +$1.61, while the March contract added +$1.41. ULSD contracts led products higher, with the February contract stepping up +0.0316/cpg and March prices ending the session +0.0301/cpg higher. The front-month RBOB contract moved +0.0122/cpg higher while March prices were +0.0129/cpg higher than where they’d started. Thursday’s upward action was fueled by reports of continued unrest in the oil-rich republic of Kazakhstan as well as logistics problems that has tightened the spigots on Libyan oil production.