Energy Market Recap - 5/18/2017

July 18, 2017 3:37PM CDT

September Crude Oil closed up 0.40 at 46.63. This was 0.61 up from the low and 0.51 off the high.

August Heating Oil closed up 1.00 at 150.95. This was 1.72 up from the low and 1.64 off the high.

August RBOB Gasoline finished up 2.21 at 157.88, 1.38 off the high and 2.89 up from the low.

August Natural Gas finished up 0.06 at 3.08, 0.02 off the high and 0.06 up from the low.

 

The crude oil market forged an outside day range today, but spent most of the trade in positive territory. However the gasoline market also forged a wide range but managed a sharp upward extension to the highest price level since June 5th in a manner that suggests demand is siphoning off supply. Perhaps the trade was lifted as a result of expectations of another week of declining inventories in both crude oil and gasoline stocks. It should be noted that the US refinery operating rate has been firm for four months, and yet gasoline supplies have not built as one might have expected. Lastly, breakaway declines in the US dollar should make US energy supply more attractive to the world.

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