Energy Market Recap – 10/16/2017Posted 10/16/2017 3:31PM CT |
November Crude Oil closed up 0.41 at 51.86. This was 0.51 up from the low and 0.51 off the high.
November Heating Oil closed up 1.74 at 181.44. This was 1.69 up from the low and 1.70 off the high.
November RBOB Gasoline finished down 0.29 at 161.93, 2.70 off the high and 0.49 up from the low.
November Natural Gas finished down 0.04 at 2.96, 0.02 off the high and 0.05 up from the low.
With a range up extension and the highest price since the September high, the crude oil market continues to benefit from a combination of reflation, leveling US rig operating counts and lastly because of fresh supply-side threats in Iraq. An issue that should undermined crude oil prices going forward is news that South Korean company would import 6.5 million barrels of crude oil from the US between November and January of next year, as that highlights an ongoing outlook for surplus US oil.