Big Three Energy Benchmarks Close With Gains
It’s a quiet start this morning as the big three energy benchmarks look to close out the week with gains. Crude oil and diesel futures are down less than 0.5 percent this morning while RBOB is the only of the three to show green, but only just. It wouldn’t be a surprise if weekend excitement pushed the complex positive ahead of the settlement.
The disturbance off the mid-Atlantic coast has completely fallen off the proverbial and literal radar yesterday, only to be replaced with a new area of interest located west of the Cabo Verde Islands. It currently has a 10 percent chance of development in the next two days but the industry will continue to keep an eye out as it makes its way westward.
Today’s interesting read: the EIA breaks down COVID’s impact on jet fuel markets as average daily flights get cut by nearly 2/3.
It’s important to remember that the longer a security trades within a certain range, especially a constricting one, the tighter the spring may be coiling. If more positive economic numbers are published next week, in tandem with today’s surprise addition of 1.8 million jobs according to the BLS report, we could see a technical breakout that could finally close the gap set by panic selling back in March.