Energy Market Recap - 12/7/2016 | RJO Futures

December 7, 2016 9:42AM CST

January Crude Oil closed down 1.11 at 49.82. This was 0.10 up from the low and 1.38 off the high.

January Heating Oil closed down 2.23 at 161.56. This was 0.18 up from the low and 2.71 off the high.

January RBOB Gasoline finished down 2.94 at 150.65, 4.35 off the high and 0.35 up from the low.

January Natural Gas finished down 0.07 at 3.57, 0.18 off the high and 0.01 up from the low.

The energy complex was generally under pressure today in the wake of potentially supportive weekly oil inventory readings. However, US crude stocks at 485.756 million barrels is the highest ever for this week. Fortunately, EIA crude stocks fell 2.3 million barrels but they are still 32.2 million barrels above year ago
levels. The bears will also point out that US crude stocks stand 124.9 million barrels above the five year average. Crude oil imports for the week stood at 8.303 million barrels per day compared to just 7.5 million barrels the previous week. The refinery operating rate was 90.40% up, 0.60% from last week compared to 93.10% last year and the five year average of 91.32%. Gasoline stocks this week came in at 229.5 million barrels and that is the highest for this week since 1993. EIA gasoline stocks rose 3.425 million barrels and are 11.895 million barrels above last year and 11.648 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 652,000 barrels per day compared to 851,000 barrels the previous week. EIA distillate stocks rose 2.501 million barrels and stand at 7.284 million barrels above last year and 26.940 million above the five year average. Distillate imports came in at 106,000 barrels per day compared to 174,000 barrels the previous week. Average total distillate demand for the past four weeks was up 5.66% compared to last year. Heating oil stocks at 14.875 million barrels is the lowest for this week since 2015 EIA heating oil stocks fell 165,000 barrels and are 1.884 million barrels below last year and 8.880 million below the five year average.


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