Energy Market Recap - 2/1/2017 | RJO Futures

February 1, 2017 3:52PM CST

March Crude Oil closed up 0.63 at 53.44. This was 0.80 up from the low and 0.47 off the high.

March Heating Oil closed up 3.73 at 166.81. This was 4.34 up from the low and 0.69 off the high.

March RBOB Gasoline finished up 2.58 at 157.59, 0.99 off the high and 3.02 up from the low.

March Natural Gas finished up 0.05 at 3.16, 0.06 off the high and 0.05 up from the low.


All things considered, the crude oil market performed impressively in the face of weekly inventory data that should have been patently negative. In fact, US crude oil builds were probably nearly twice some expectations and gasoline stocks continued their pace of moderate builds. It is likely that weakness in the US dollar and a choppy trade in equities fostered profit-taking into the highs today. Crude stocks at 494.762 million barrels is the highest ever for this week. EIA crude stocks rose 6.466 million barrels and are 23.418 million barrels above year ago levels. Also, crude stocks stand 127.829 million barrels above the five year average. Crude oil imports for the week stood at 8.29 million barrels per day compared to 7.810 million barrels the previous week. The refinery operating rate was 88.20% down, 0.10% from last week compared to 86.60% last year and the five year average of 85.92%. Gasoline stocks at 257.086 million barrels are the highest for this week since 2016. EIA gasoline stocks rose 3.866 million barrels and are 2.687 million barrels above last year and 17.919 million above the five year average. Average total gasoline demand for the past four weeks was down 5.66% compared to last year. Gasoline imports came in at 488,000 barrels per day compared to 593,000 barrels the previous week. Distillate stocks at 170.717 million barrels are at a record high for this week. The previous record was in 1983. EIA distillate stocks rose 1.568 million barrels and stand at 11.022 million barrels above last year and 33.891 million above the five year average. Distillate imports came in at 236,000 barrels per day compared to 159,000 barrels the previous week. Average total distillate demand for the past four weeks was up 5.04% compared to last year. Heating oil stocks at 12.928 million barrels is the lowest for this week since 2015 EIA heating oil stocks fell 892,000 barrels and are 2.859 million barrels below last year and 7.234 million below the five year average.

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