Energy Market Recap – 10/18/2017Posted 10/18/2017 3:41PM CT |
December Crude Oil closed up 0.14 at 52.25. This was 0.33 up from the low and 0.31 off the high.
November Heating Oil closed down 0.23 at 180.75. This was 1.79 up from the low and 1.14 off the high.
November RBOB Gasoline finished up 2.40 at 165.41, 0.12 off the high and 3.58 up from the low.
November Natural Gas finished down 0.09 at 2.87, 0.07 off the high and 0.02 up from the low.
While the December crude oil contract waffled around both sides of unchanged today, it did seem to favor the upper half of the prior session’s trading range and it did make a higher high. With the API crude stocks inventory decline of more than 7 million barrels in the Wednesday trade, the 5.7 million barrel decline in EIA crude stocks was less supportive than would have been expected. In a sign that the US was attempting to utilize a larger portion of its increased domestic production the EIA reported that net imports of crude oil fell to the second lowest level on record last week. EIA crude stocks fell 5.731 million barrels and are 12.226 million barrels below year ago levels. Also, crude stocks stand 64.723 million barrels above the five year average. Crude oil imports for the week stood at 7.483 million barrels per day compared to 7.617 million barrels the previous week. The refinery operating rate was 84.50% down, 4.70% from last week compared to 85.00% last year and the five year average of 86.24%.