Energy Market Recap - 1/30/2017

January 30, 2017 9:42AM CST

March Crude Oil closed down 0.49 at 52.68. This was 0.27 up from the low and 0.78 off the high.

March Heating Oil closed down 0.86 at 162.57. This was 0.58 up from the low and 1.99 off the high.

March RBOB Gasoline finished down 1.76 at 153.42, 1.81 off the high and 1.04 up from the low.

March Natural Gas finished down 0.13 at 3.23, 0.11 off the high and 0.01 up from the low.

After upside breakouts last week, crude oil and gasoline markets failed on the charts today. Apparently the energy trade isn't overly concerned about an Arab backlash to aggressive US immigration vetting policies, or prices might have shown some reaction to that situation. It is also likely that the crude oil market was extensively overbought relative to commitments of traders positioning reports and correction was needed to balance the market's structure. In the end, it's hard not to temper energy demand views in the face of rising geopolitical uncertainty and significant weakness in global equities.

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