Energy Market Recap - 2/6/2017

February 6, 2017 3:31PM CST

March Crude Oil closed down 0.73 at 53.10. This was 0.19 up from the low and 1.03 off the high.

March Heating Oil closed down 2.61 at 163.90. This was 0.74 up from the low and 4.08 off the high.

March RBOB Gasoline finished down 3.94 at 151.43, 5.65 off the high and 0.92 up from the low.

March Natural Gas finished down 0.01 at 3.05, 0.03 off the high and 0.04 up from the low.

 

With US sanction developments against Iran relatively unchanged from last week, deterioration in global economic psychology and market acknowledgment of a massive spec and fund long in crude oil, it wasn't surprising to see crude oil come under noted pressure to start the trading week. Adding into the downward track on the charts were signs that Iran was soliciting against sanctions with an economic argument instead of a political argument. Iran appealed to the US by suggesting sanctions are limiting US energy companies from participating in the rebuilding of Iran's oil infrastructure.


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