Energy Market Recap - 9/8/2016 | RJO Futures

September 1, 2016 10:41AM CDT

October Crude Oil closed down 1.19 at 43.51. This was 0.51 up from the low and 1.57 off the high.

October Heating Oil closed down 3.42 at 139.15. This was 1.48 up from the low and 4.43 off the high.

October RBOB Gasoline finished down 5.37 at 127.97, 6.45 off the high and 1.29 up from the low.

October Natural Gas finished down 0.08 at 2.80, 0.09 off the high and 0.02 up from the low.

A combination of chart failures, slack data, declining supply threats in the Gulf and adverse Dollar action forced crude and RBOB prices into a moderate washout on the second to last day of the trading week. US crude oil seemed to be led lower from early weakness in Brent Crude oil. Fear toward slackening demand was strong enough that the energy complex all but ignored news that Amsterdam, Rotterdam and Antwerp fuel oil stocks fell to the lowest level since the begging of 2015. An issue that might have impacted natural gas today is news that the US expanded its sanctions list to additional Russian companies. The weekly natural gas storage report showed an injection of 51 bcf. Total storage stands at 3,401 bcf or 10.9% above the 5 year average. Over the last four weeks, natural gas storage has increased 113 bcf.


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