Oil Continues Recovery

The oil sector had a strong week, which isn’t likely a surprise as more and more of the country is beginning to come out of the shelter within orders that have been in place.  WTI crude gained 25 percent, which sounds nice, however, current prices remain 60 percent below levels seen at this time a year ago.  Heating oil loosely followed crude, gaining 13 percent of for the week but, like crude, values trail last year’s levels by 56 percent. 

The Jobs report released earlier today showed the US lost 20.5 million jobs in April.  Borrowing a Tweet from GasBuddy’s Patrick De Haan, that’s the total of everyone in a city the size of Seattle losing their job – every day…

Soybean oil edged higher for the week, gaining 1.5 percent to 26.54 cents per pound for July delivery.  The bean oil/heating spread benefitted from the strong run in crude, as the spread declined 6.6 percent to…