Energy Market Recap - 8/22/2016

August 22, 2016 10:39AM CDT

October Crude Oil closed down 1.70 at 47.41. This was 0.06 up from the low and 1.67 off the high.

September Heating Oil closed down 3.36 at 148.60. This was 0.48 up from the low and 3.07 off the high.

September RBOB Gasoline finished down 3.29 at 148.00, 2.87 off the high and 1.21 up from the low.

September Natural Gas finished up 0.10 at 2.68, 0.02 off the high and 0.09 up from the low.

The crude oil market has finally corrected a measure of its overbought technical condition but it is also possible that the energy complex is reconsidering its belief that OPEC can actually carry off a reduction in production. Apparently the trade was partially undermined by strength in the Dollar but also undermined because of overnight reports of strong Chinese oil product exports as that could hint at slack demand inside China and also more product supply on the world market.

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