Energy Market Recap - 12/1/2016

December 1, 2016 9:36AM CST

January Crude Oil closed up 1.48 at 50.92. This was 1.94 up from the low and 0.88 off the high.

January Heating Oil closed up 6.48 at 164.11. This was 7.52 up from the low and 2.23 off the high.

January RBOB Gasoline finished up 6.45 at 154.70, 2.62 off the high and 7.38 up from the low.

January Natural Gas finished up 0.18 at 3.54, 0.01 off the high and 0.22 up from the low.

A big range up extension in January crude oil put prices up to their higher level since October 20th. News that Russian President Putin participated in the production cut deal was seen as a sign that the deal might be complied with among one of the largest non-OPEC producers. Some players might suggest that Saudi Arabia was simply glad to have outside help in reducing production because getting other members within OPEC to commit was difficult and compliance levels might not be high anyway. However, the trade did see European gasoline stocks rise to 960,000 tons from 897,000 tons, and that could have limited RBOB prices but didn't. The weekly natural gas storage report showed a draw of 50 bcf. Total storage stands at 3,995 bcf or 6.3% above the 5 year average. Over the last four weeks, natural gas storage has increased 32 bcf.

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