Energy Market Recap - 2/3/2017

February 3, 2017 9:50AM CST

March Crude Oil closed up 0.29 at 53.83. This was 0.43 up from the low and 0.39 off the high.

March Heating Oil closed up 1.50 at 166.68. This was 2.47 up from the low and 0.78 off the high.

March RBOB Gasoline finished up 2.53 at 155.82, 0.34 off the high and 3.90 up from the low.

March Natural Gas finished down 0.13 at 3.06, 0.14 off the high and 0.02 up from the low.

Surprisingly the crude oil market today failed to make a higher high in the face of threats of US sanctions against Iran for this week's missile test, a risk on vibe inequities and much better-than-expected US non-farm payrolls. In fact, later in the session a reversal in the dollar could have provided fresh buying interest but instead March crude oil fought to remain in positive territory. A limiting issue for the market today was news that the US oil drilling rig count rose by 17 which amounts to 116 more rigs operating than last year. Press reports peg the US rig count two of reached up to the highest level since October 2015.

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