Energy Market Recap - 2/9/2017 | RJO Futures

February 9, 2017 3:46PM CST

March Crude Oil closed up 0.75 at 53.09. This was 0.72 up from the low and 0.12 off the high.

March Heating Oil closed up 0.63 at 164.23. This was 0.78 up from the low and 2.01 off the high.

March RBOB Gasoline finished up 1.89 at 157.16, 0.95 off the high and 2.45 up from the low.

March Natural Gas finished down 0.01 at 3.11, 0.08 off the high and 0.00 up from the low.

 

While some of the gains yesterday might have been additional technical short covering from the oversold position seen earlier in the week, some of the fresh buying interest was probably the result of a shift back toward risk on sentiment. The risk-on sentiment shift was the result of a possible return to a pro-growth policy focus by the White House. Limiting the upside in the crude oil market yesterday was strength in the dollar, bearish supply news from the prior trading sessions and a measure of thick overhead resistance just above this week's highs. In the end, new highs in equities and hope for simulative policy action from President Trump give the bulls a fresh edge. News that Amsterdam Rotterdam and Antwerp (ARA) gas oil stocks declined by more than 3.5%. The weekly natural gas storage report showed a draw of 152 bcf. Total storage stands at 2,559 bcf or 1.8% above the 5 year average. Over the last four weeks, natural gas storage has declined 601 bcf.


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