March Crude Oil closed up 1.01 at 53.76. This was 0.97 up from the low and 0.30 off the high.
March Heating Oil closed up 3.02 at 165.94. This was 2.94 up from the low and 1.12 off the high.
March RBOB Gasoline finished up 1.39 at 156.63, 1.34 off the high and 3.36 up from the low.
March Natural Gas finished up 0.02 at 3.37, 0.13 off the high and 0.00 up from the low.
The crude oil market forged a surprise upside breakout and a five day high and managed that action in the face of a stronger dollar, a mixed equity market environment and in the aftermath of mostly bearish weekly EIA inventory news. The crude oil market today discounted news that Libyan oil output not only hit a three year high but that it was also expected to rise further. The market also discounted news of a large volume of Venezuelan oil sitting in offshore tankers. Some will suggest that the strength in the crude market was the result of a private survey that predicted crude oil prices would average at a level above the December 2016 highs. While gasoline prices ultimately joined the rally in the crude oil market today, it was clear early in the trading session that the bullish energy news was primarily focused on crude and not gasoline. The weekly natural gas storage report
showed a draw of 119 bcf. Total storage stands at 2,798 bcf or 0.7% below the 5 year average. Over the last four weeks natural gas storage has declined 562 bcf.