3-8-21 RCC Energy Market Update

Energy prices slid on Monday after hitting recent highs on a headline that Saudi Arabian oil facilities were bombed by rebel groups. According to Riyadh, there were no casualties or loss of property in the attack. After digesting the update from Riyadh, markets deemed the incident as having minimal impact on product prices and reversed the initial move higher. Adding support, the US Senate approved a $1.9 Trillion stimulus bill which is expected to increase demand for energy products as the economy gets a lift. Overall, NYMEX markets finished lower than opening today. Continued focus will be on basis values as refineries in the gulf region continue to reopen after winter storms put a halt to refinery operations.