1-7-21 RCC Energy Market Update

Energy markets struggled early in today’s session as prices were flat to negative and looked to be on track for a breather after two days of gains. However, all products fought through the day to manage small gains across the board which is now three consecutive days. There was really no news out today that turned markets around but rather the overall sentiment around energy still seems to be bullish following the news earlier this week from Saudi Arabia. Congress formally certified President-elect Joe Biden early this morning and the US Senate election in Georgia was swept by the two Democrat candidates giving them complete control as soon as Biden takes office. The market will look to close out the first week of 2021 on a strong note tomorrow that has pushed prices to 11-month highs and make it four consecutive days moving higher. At the close today, crude oil posted $0.20 gain, gasoline added $0.0077, and distillate had the strongest day by moving up $0.0094.