Energy Market Recap - 8/31/2017

August 31, 2017 3:32PM CDT

October Crude Oil closed up 1.13 at 47.09. This was 1.51 up from the low and 0.38 off the high.

October Heating Oil closed up 7.46 at 173.00. This was 7.79 up from the low and 1.50 off the high.

October RBOB Gasoline finished up 12.91 at 176.66, 1.59 off the high and 12.64 up from the low.

October Natural Gas finished up 0.09 at 3.03, 0.02 off the high and 0.12 up from the low.

 

Energy markets are seeing strong across the boards gains as there are fresh supply disruptions in the wake of Hurricane/Tropical Storm Harvey. There have been disruptions to the Bakken pipeline to the Gulf Coast, while the Colonial Pipeline to the eastern US has been shut down. Over a dozen refineries in the region have closed their operations, while the request of Phillips 66 for a sale from the Strategic Petroleum Reserve (SPR) has underscored the seriousness of the situation. The weekly stocks figures from the Amsterdam, Rotterdam and Antwerp (ARA) hub were higher, but that has made little impact with the market as it was offset by news of a sharp uptick in Japanese imports. The weekly natural gas storage report showed an injection of 30 bcf. Total storage stands at 3,155 bcf or 0.3% above the 5 year average. Over the last four weeks, natural gas storage has increased 145 bcf.

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