Energy Market Recap – 10/20/2017Posted 10/20/2017 3:33PM CT |
December Crude Oil closed up 0.48 at 51.99. This was 1.12 up from the low and equal to the high.
December Heating Oil closed up 3.02 at 180.80. This was 4.62 up from the low and 0.47 off the high.
December RBOB Gasoline finished up 3.34 at 164.88, 0.03 off the high and 4.99 up from the low.
November Natural Gas finished up 0.03 at 2.91, 0.03 off the high and 0.05 up from the low.
Energy prices had a significant change in fortune on Friday as they were able to rebound from sizable early losses to finish the day with moderate gains. Comments from a Chinese central bank official were seen as weakening that nation’s demand outlook and became a source of across-the-board pressure. However, the “risk on” mood fueled by increased expectations of US tax reform measures helped crude oil and the products to find their footing later in the day. News that US crude oil exports are now above the 2.5 million barrel per day level also provided support going into the weekend. Natural gas prices held within a relatively tight trading range but was able to grind out a modest gain. The US CPC has forecast normal to below-normal temperatures for large portions of the northern US from December through February that should stimulate natural gas demand.