Energy Market Recap - 12/21/2016 | RJO Futures

December 21, 2016 9:41AM CST

February Crude Oil closed down 0.77 at 52.53. This was 0.21 up from the low and 1.26 off the high.

February Heating Oil closed down 2.49 at 166.39. This was 0.69 up from the low and 3.65 off the high.

February RBOB Gasoline finished up 0.71 at 161.82, 1.08 off the high and 1.17 up from the low.

January Natural Gas finished up 0.32 at 3.58, 0.01 off the high and 0.28 up from the low.

The crude oil market was obviously disappointed in the weekly EIA crude stocks build. With expectations ahead of the EIA report today calling for a 2 to 3 million barrel decline in inventories, it wasn't surprisingly to see the February crude oil contract fell back below the prior day's low. Fortunately for the bull camp, both heating oil, distillates and RBOB stocks declined as that might keep the sellers from becoming too aggressive in the coming trading sessions. Crude stocks at 485.449 million barrels is the highest ever for this week. EIA crude stocks rose 2.256 million barrels and are 32.972 million barrels above year ago levels. Also, crude stocks stand 126.79 million barrels above the five year average. Crude oil imports for the week stood at 8.471 million barrels per day compared to 7.360 million barrels the previous week. The refinery operating rate was 91.50% up, 1.00% from last week compared to 91.30% last year and the five year average of 90.40%. Gasoline stocks at 228.736 million barrels are the highest for this week since 2014. EIA gasoline stocks fell 1.309 million barrels and are 8.241 million barrels above last year and 7.280 million above the five year average. Average total gasoline demand for the past four weeks was down 3.04% compared to last year. Gasoline imports came in at 447,000 barrels per day compared to 624,000 barrels the previous week. EIA distillate stocks fell 2.420 million barrels and stand at 2.2 million barrels above last year and 23.712 million above the five year average. Distillate imports came in at 211,000 barrels per day compared to 233,000 barrels the previous week. Average total distillate demand for the past four weeks was up 11.75% compared to last year. Heating oil stocks at 13.834 million barrels is the lowest for this week since 2015 EIA heating oil stocks fell 1.338 million barrels and are 1.913 million barrels below last year and 9.051 million below the five year average.


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