Energy Market Recap - 10/4/2017

October 4, 2017 3:44PM CDT

November Crude Oil closed down 0.53 at 49.89. This was 0.13 up from the low and 0.78 off the high.

November Heating Oil closed up 2.28 at 177.33. This was 3.51 up from the low and 0.43 off the high.

November RBOB Gasoline finished up 1.66 at 158.21, 0.78 off the high and 3.93 up from the low.

November Natural Gas finished up 0.04 at 2.94, 0.04 off the high and 0.04 up from the low.

 

The crude oil market managed a fresh downside breakout and extension to the lowest level since September 19th today and it clearly failed to benefit from news of a record in US crude oil exports. The oil market also failed to benefit from a much larger than expected 6 million barrel decline in weekly crude stocks and a sharp drop in distillates stocks, perhaps because of a 1.6 million barrel build in gasoline stocks. From a longer-term perspective, one should not discount the importance of soaring US crude exports which reached a new high of 2 million barrels per day in the EIA report.

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