Energy Market Recap - 7/27/2017

July 27, 2017 3:36PM CDT

September Crude Oil closed up 0.37 at 49.12. This was 0.87 up from the low and 0.12 off the high.

September Heating Oil closed up 0.79 at 160.74. This was 1.55 up from the low and 0.70 off the high.

September RBOB Gasoline finished up 2.45 at 161.89, 0.49 off the high and 3.26 up from the low.

September Natural Gas finished up 0.05 at 2.97, 0.03 off the high and 0.07 up from the low.

 

After a choppy two-sided start the crude oil market came back and broke out and extended on the upside to the highest level since June 1st. The gains in WTI crude were mirrored in Brent pricing and other cash crude prices. The market was cheered by the extension of the risk on environment and from the hope that strengthening Indian oil imports will signal additional demand ahead. An issue potentially holding back gasoline prices from the trade today is news that Amsterdam Rotterdam and Antwerp gasoline stocks on the week posted an increase. However Naphtha, gas oil and jet fuel stocks at the ARA hub declined. The weekly natural gas storage report showed an injection of 17 bcf. Total storage stands at 2990 bcf or 3.9% above the 5 year average. Over the last four weeks natural gas storage has increased 174 bcf.

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