Energy Market Recap - 10/18/2016

October 18, 2016 10:52AM CDT

December Crude Oil closed up 0.32 at 50.69. This was 0.56 up from the low and 0.25 off the high.

November Heating Oil closed up 1.43 at 157.04. This was 1.90 up from the low and 0.64 off the high.

November RBOB Gasoline finished up 0.64 at 149.88, 1.97 off the high and 0.63 up from the low.

November Natural Gas finished up 0.01 at 3.26, 0.06 off the high and 0.01 up from the low.

Crude oil prices fell back from early highs into negative territory, but then regained upside momentum to finish Tuesday's trading session with a moderate gain. Although there have been comments by several officials early this week that boosted the chances of an agreement between major oil producing nations to curb their output, any supportive effect on prices has been diminished by indications that many of those same nations are ramping up their near-term output in front of that potential agreement. In addition, several OPEC nations are disputing that organization's production estimates which could cause further difficulties with ultimately reaching an agreement. RBOB gasoline continues to be the strongest member of the energy complex as tightening domestic supplies remain a source of underlying support. Natural gas fell back from another new high for the move, but held its ground in positive territory. Although weather remains warmer than normal across much of the US, weaker than expected builds in natural gas stocks over the past few weeks set the stage for lower supply through the winter months.

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