Energy Market Recap - 1/23/2017

January 23, 2017 9:45AM CST

March Crude Oil closed down 0.33 at 52.89. This was 0.68 up from the low and 0.58 off the high.

March Heating Oil closed down 1.42 at 164.86. This was 1.01 up from the low and 1.79 off the high.

March RBOB Gasoline finished up 0.57 at 159.97, 0.32 off the high and 2.91 up from the low.

February Natural Gas finished up 0.07 at 3.27, 0.01 off the high and 0.12 up from the low.

The March crude oil contract spent most of the trading session in negative ground today. Apparently weakness in the dollar, weekend producer cut compliance optimism and strong crude oil demand from China from Russia provided almost no support for prices. Reuters carried a story suggesting that US shale oil and natural gas production in the US was "coming back to life" and that would seem to point to increased supply ahead. With last week's rig operating count rising and producing a larger than normal restart the supply-side stories are mounting against the producers efforts to cut global output.

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