Energies Market Recap - 11/16/2016

November 17, 2016 8:01AM CST

December Crude Oil closed down 0.37 at 45.44. This was 0.41 up from the low and 0.97 off the high.

December Heating Oil closed down 1.32 at 143.07. This was 0.67 up from the low and 2.38 off the high.

December RBOB Gasoline finished down 2.01 at 131.49, 3.39 off the high and 0.44 up from the low.

December Natural Gas finished up 0.06 at 2.77, 0.01 off the high and 0.10 up from the low.

Energy prices went on a wild ride on Wednesday but gravitated back towards unchanged levels by midsession. Comments by the Russian Energy Minister appear to give further credence that an Oil Producers agreement will come together by the end of this month. However, a bearish set of EIA stocks readings weighed heavily on the crude oil complex and took prices well below their early highs. Natural gas was able to grind out a moderate gain, but continues to be pressure by unseasonably warm weather and very large domestic storage levels.

Crude stocks at 490.284 million barrels are the highest ever for this week. EIA crude stocks rose 5.274 million barrels and are 35.21 million barrels above year ago levels. Also, crude stocks stand 126.512 million barrels above the five year average. Crude oil imports for the week stood at 8.423 million barrels per day compared to 7.442 million barrels the previous week. The refinery operating rate was 89.20% up, 2.10% from last week compared to 90.30% last year and the five year average of 88.62%.

Gasoline stocks at 221.709 million barrels are the highest for this week since 1990. EIA gasoline stocks rose 746,000 barrels and are 7.455 million barrels above last year and 14.163 million above the five year average. Average total gasoline demand for the past four weeks was down 0.26% compared to last year. Gasoline imports came in at 821,000 barrels per day compared to 500,000 barrels the previous week.

EIA distillate stocks rose 310,000 barrels and stand at 8.594 million barrels above last year and 26.220 million above the five year average. Distillate imports came in at 169,000 barrels per day compared to 107,000 barrels the previous week. Average total distillate demand for the past four weeks was down 1.36% compared to last year. Heating oil stocks at 14.724 million barrels are the lowest for this week since 2015. EIA heating oil stocks rose 429,000 barrels and are 1.055 million barrels below last year and 8.478 million below the five year average.

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