Energy Market Recap - 9/14/2016

September 14, 2016 10:36AM CDT

October Crude Oil closed down 1.22 at 43.68. This was 0.26 up from the low and 1.65 off the high.

October Heating Oil closed down 3.58 at 138.71. This was 0.81 up from the low and 3.87 off the high.

October RBOB Gasoline finished down 1.30 at 136.35, 2.40 off the high and 2.61 up from the low.

October Natural Gas finished down 0.01 at 2.90, 0.08 off the high and 0.04 up from the low.

Crude oil prices forged a range in excess of $1.50 today in the face of ongoing outside market turbulence and lingering fears of slackening demand. An issue that cushioned the market against weakness this morning was news of a decline in inventories. It is also possible that weakness in crude oil prices today was the result of spillover fears from the prior trading session as crude oil has been holding an extensive spec and fund long and we have to think this week's financial fearmongering prompted some traders to exit on the early rise into positive ground. Crude stocks at 510.798 million barrels is the highest ever for this week. EIA crude stocks fell 559,000 barrels and are 54.904 million above year ago levels. Also, crude stocks stand 134.705 million above the five year average. Crude oil imports for the week stood at 8.062 million barrels per day compared to 7.069 million the previous week. The refinery operating rate was 92.90% down, 0.80% from last week compared to 93.10% last year and the five year average of 91.16%. Gasoline stocks came in at 228.36 million barrels and that is the highest for this week since 2010. EIA gasoline stocks rose 567,000 barrels and are 10.973 million above last year and 17.455 million above the five year average. Average total gasoline demand for the past four weeks was up 4.22% compared to last year. Gasoline imports came in at 650,000 barrels per day compared to 607,000 barrels the previous week. EIA distillate stocks rose 4.619 million barrels and stand at 8.791 million above last year and 23.021 million above the five year average. Distillate imports came in at 140,000 barrels per day compared to 108,000 barrels the previous week. Average total distillate demand for the past four weeks was up 1.28% compared to last year. Heating oil stocks at 11.857 million barrels is the lowest for this week since 2014 EIA heating oil stocks rose 457,000 barrels and are 2.776 million below last year and 11.220 million below the five year average.

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