Energy Market Recap - 11/1/2016

November 1, 2016 10:35AM CDT

December Crude Oil closed down 0.07 at 46.79. This was 0.59 up from the low and 0.56 off the high.

December Heating Oil closed up 1.54 at 151.93. This was 1.82 up from the low and 5.98 off the high.

December RBOB Gasoline finished up 5.85 at 147.80, 15.71 off the high and 3.80 up from the low.

December Natural Gas finished down 0.16 at 2.87, 0.16 off the high and 0.00 up from the low.

In addition to negative residual selling pressure from doubt over the production reduction scheme, we think that energy prices today were undermined by fears of a mini-financial washout in all things physical. In fact, crude oil should have derived some support from gasoline and from a sharp range down extension in the US Dollar. Reports that the Colonial pipeline might be shut down for a week should at least underpin crude oil and gasoline prices but a downtick in demand expectation off an economic event could end up accentuating the technical damage seen on the charts this week.

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