Energy Market Recap – 10/2/2017Posted 10/02/2017 3:48PM CT |
November Crude Oil closed down 1.13 at 50.54. This was 0.47 up from the low and 1.17 off the high.
November Heating Oil closed down 4.35 at 176.65. This was 1.07 up from the low and 4.59 off the high.
November RBOB Gasoline finished down 3.81 at 155.29, 3.86 off the high and 1.08 up from the low.
November Natural Gas finished down 0.08 at 2.92, 0.10 off the high and 0.03 up from the low.
The energy markets started October squarely on the defensive as crude oil and the products posted across the board losses during Monday’s trading session. Reports that OPEC production actually rose last month were especially bearish as they diminish the chances that the Oil Producers Agreement will be extended next year. An uptick in the latest Baker Hughes oil rig count also points toward higher upcoming US production as well. Natural gas prices were unable to find their footing as they fell to new 7-week lows during Monday’s trading. Normal to below-normal temperatures across large portions of the US in the latest 60-day forecast will limit utility demand for natural gas.