November Crude Oil closed down 0.64 at 50.66. This was 0.51 up from the low and 0.47 off the high.

November Heating Oil closed down 1.65 at 176.96. This was 2.07 up from the low and 1.27 off the high.

November RBOB Gasoline finished down 2.61 at 158.31, 2.89 off the high and 1.34 up from the low.

November Natural Gas finished up 0.10 at 2.99, 0.02 off the high and 0.10 up from the low.

 

At times today the November crude oil contract was under significant pressure as if the markets were disappointed with the weekly inventory data. Surprisingly crude was not supported by the revelation that crude stocks fell by more than expectations and more importantly by a 1.1% jump in the US refinery operating rate. In fact the US refinery operating rate is currently above last year and the five year average in a fashion that should produce a decent call on US crude oil supplies. Perhaps the energy complex was undermined as a result of a surprise build in gasoline inventories. However favorable US economic data, a $70 Brent crude five year price forecast and more talk of a balancing of world oil supplies into next year should help nearby crude find support well above this week’s highs.