Energy Market Recap - 6/21/2017

June 21, 2017 3:49PM CDT

August Crude Oil closed down 0.98 at 42.53. This was 0.48 up from the low and 1.67 off the high.

August Heating Oil closed down 3.27 at 136.95. This was 0.86 up from the low and 5.03 off the high.

August RBOB Gasoline finished down 1.62 at 140.26, 3.64 off the high and 1.24 up from the low.

July Natural Gas finished down 0.01 at 2.90, 0.05 off the high and 0.02 up from the low.

 

What the EIA crude stocks decline and implied gasoline demand increase provided to crude and unleaded gasoline was more than taken away by news that oil producers were not considering additional production cuts. Another issue that might have undermined energy prices today was plans from Libya on their projected production expansion targets for next year. It is also possible that a minimal decline in gasoline stocks and a build in distillates stocks contributed to a rekindling of overall supply-side concerns. Crude stocks at 509.095 million barrels are the highest ever for this week. EIA crude stocks fell 2.451 million barrels and are 9.101 million barrels above year ago levels. Also, crude stocks stand 106.282 million barrels above the five year average. Crude oil imports for the week stood at 7.876 million barrels per day compared to 8.025 million barrels the previous week. The refinery operating rate was 94.00% down, 0.40% from last week compared to 91.30% last year and the five year average of 91.32%. Gasoline stocks at 241.866 million barrels are the highest for this week since 2016. EIA gasoline stocks fell 578,000 barrels and are 4.235 million barrels above last year and 21.605 million above the five year average. Average total gasoline demand for the past four weeks was down 1.64% compared to last year. Gasoline imports came in at 909,000 barrels per day compared to 574,000 barrels the previous week. EIA distillate stocks rose 1.079 million barrels and stand at 181 thousand barrels above last year and 22.425 million above the five year average. Distillate imports came in at 87,000 barrels per day compared to 61,000 barrels the previous week. Average total distillate demand for the past four weeks was up 4.02% compared to last year. Heating oil stocks at 9.509 million barrels is the lowest for this week since 2015. EIA heating oil stocks fell 207,000 barrels and are 3.936 million barrels below last year and 6.778 million below the five year average.

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