Energy Market Recap - 1/24/2017

January 24, 2017 3:47PM CST

March Crude Oil closed up 0.34 at 53.09. This was 0.42 up from the low and 0.47 off the high.

March Heating Oil closed up 0.91 at 165.47. This was 0.90 up from the low and 1.12 off the high.

March RBOB Gasoline finished down 0.15 at 159.11, 2.79 off the high and 0.14 up from the low.

February Natural Gas finished up 0.06 at 3.30, 0.05 off the high and 0.04 up from the low.

 

All things considered, the action in the crude oil market today was very impressive. One might've expected executive orders allowing pipelines in the US to move forward would have been seen as a negative supply-side development. However one could also argue that developments from Washington, weakness in the dollar, strength in equities and a risk on vibe provided an improved demand environment. Others might suggest that North American pipeline expansion could facilitate a movement of oil throughout North America and into more favorable export position in the Gulf of Mexico. In our opinion, the pipeline movement is actually more bearish to international crude oil prices than to US crude oil prices. Others have suggested that a border adjustment tax could provide a relative lift to US WTI relative to Brent crude and other grades.


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