Energy Market Recap - 8/23/2016

August 23, 2016 10:51AM CDT

October Crude Oil closed up 0.56 at 47.97. This was 1.38 up from the low and 0.35 off the high.

October Heating Oil closed up 1.14 at 151.62. This was 3.30 up from the low and 1.53 off the high.

October RBOB Gasoline finished up 1.69 at 142.15, 0.43 off the high and 4.51 up from the low.

September Natural Gas finished up 0.08 at 2.76, 0.00 off the high and 0.11 up from the low.

Energy prices recovered from follow-through losses due to suggestions from Iran that they might coordinate production with other oil producers in an effort to secure higher prices. There was also some increased military action into Syria from Turkey, and we also suspect that strong new home sales and soaring equities were also factors that brought energy prices off their initial lows. It should be noted that Iran was thought to be a loose cannon with respect to production as they are in bad need of currency and budget funds and cooperation from them would not be insignificant.

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