Energy Market Recap - 11/2/2016

November 2, 2016 10:35AM CDT

December Crude Oil closed down 1.20 at 45.47. This was 0.51 up from the low and 1.00 off the high.

December Heating Oil closed down 4.44 at 147.25. This was 2.09 up from the low and 4.45 off the high.

December RBOB Gasoline finished down 3.65 at 144.76, 3.88 off the high and 1.58 up from the low.

December Natural Gas finished down 0.12 at 2.78, 0.11 off the high and 0.01 up from the low.

Another sharp range down extension in crude oil took place off a massive 14 million barrel increase in US crude oil stocks. Surprisingly, the crude oil market was unable to draft support off a weak Dollar and a decline in gasoline stocks. However, it does appear as if the energy complex is seeing some pressure from long liquidation and ongoing mild weather in the US. Crude stocks at 482.578 million barrels is the highest ever for this week. EIA crude stocks rose 14.420 million barrels and are 31.737 million barrels above year ago levels. Also, crude stocks stand 118.69 million barrels above the five year average. Crude oil imports for the week stood at 8.995 million barrels per day compared to 7.016 million barrels the previous week. The refinery operating rate was 85.20% down, 0.40% from last week compared to 88.70% last year and the five year average of 86.38%. Gasoline stocks at 223 million barrels are at the highest level for this week since 1990. EIA gasoline stocks fell 2.207 million barrels and are 8.457 million barrels above last year and 17.067 million above the five year average. Average total gasoline demand for the past four weeks was down 1.24% compared to last year. Gasoline imports came in at 458,000 barrels per day compared to 834,000 barrels the previous week. EIA distillate stocks fell 1.828 million barrels and stand at 9.793 million barrels above last year and 24.120 million above the five year average. Distillate imports came in at 60,000 barrels per day compared to 74,000 barrels the previous week. Average total distillate demand for the past four weeks was up 3.69% compared to last year. Heating oil stocks at 14.436 million barrels is the lowest for this week since 2015 EIA heating oil stocks rose 118,000 barrels and are 703,000 barrels below last year and 8.650 million below the five year average.

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