Energy Market Recap - 1/25/2017

January 25, 2017 9:49AM CST

March Crude Oil closed down 0.32 at 52.86. This was 0.30 up from the low and 0.61 off the high.

March Heating Oil closed down 2.38 at 163.50. This was 1.50 up from the low and 1.77 off the high.

March RBOB Gasoline finished down 4.66 at 155.52, 3.47 off the high and 1.17 up from the low.

February Natural Gas finished up 0.08 at 3.36, 0.00 off the high and 0.10 up from the low.

While the front month crude oil contract waffled around both sides of unchanged today, it generally seem to prefer positive territory as it rejected an early lower low. At times the energy market seemed to be benefiting from the extension of "risk on" psychology but weekly EIA data was clearly bearish. Fortunately the build in US crude stocks of 2.8 million was widely anticipated. However seeing a 6.7 million barrel build in weekly gasoline stocks was the fourth week in a row of builds which in turn have added 26 million barrels to inventories over the last four weeks. Implied gasoline demand also declined to the lowest level in six weeks at 8.03 million barrels per day. Crude stocks at 488.296 million barrels is the highest ever for this week. EIA crude stocks rose 2.840 million barrels and are 24.744 million barrels above year ago levels. Also, crude stocks stand 124.801 million barrels above the five year average. Crude oil imports for the week stood at 7.81 million barrels per day compared to 8.378 million barrels the previous week. The refinery operating rate was 88.30% down, 2.40% from last week compared to 87.40% last year and the five year average of 86.08%. Gasoline stocks at 253.22 million barrels are the highest for this week since 2016. EIA gasoline stocks rose 6.796 million barrels and are 4.759 million barrels above last year and 16.482 million above the five year average. Average total gasoline demand for the past four weeks was down 4.72% compared to last year. Gasoline imports came in at 593,000 barrels per day compared to 588,000 barrels the previous week. EIA distillate stocks rose 76,000 barrels and stand at 8.677 million barrels above last year and 32.080 million above the five year average. Distillate imports came in at 159,000 barrels per day compared to 152,000 barrels the previous week. Average total distillate demand for the past four weeks was up 1.36% compared to last year. Heating oil stocks at 13.82 million barrels is the lowest for this week since 2015. EIA heating oil stocks rose 641,000 barrels and are 1.597 million barrels below last year and 6.237 million below the five year average.

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