10-11-21 RCC Energy Market Update

Markets picked up right where they left off last week that had crude oil up a couple dollars and both products up multiple cents. The impressive rally in energy markets has pushed prices to seven year highs as crude oil closed above $80 a barrel for the first time since October 31st, 2014. Supply concerns across the globe continue to be the main driver as high natural gas prices have encouraged fuel switching to oil in other countries for electricity production. The entire complex backed away from highs on the day but still managed to post robust gains across the board. Crude oil ended the day moving up $1.17, distillate was the strongest out of the complex adding $0.0413, and gasoline moved $0.0117 higher.