Energy Market Recap – 10/24/2017Posted 10/24/2017 3:39PM CT |
December Crude Oil closed up 0.56 at 52.46. This was 0.91 up from the low and 0.09 off the high.
December Heating Oil closed up 3.43 at 182.39. This was 5.28 up from the low and 0.07 off the high.
December RBOB Gasoline finished up 3.83 at 167.73, 0.05 off the high and 5.23 up from the low.
November Natural Gas finished down 0.00 at 2.99, 0.01 off the high and 0.03 up from the low.
The energy markets saw an abrupt change of fortune as crude oil and the products have rebounded from early losses to post sizable gains for Tuesday’s trading session. The Saudi Oil Minister stated that his nation will do “whatever it takes” to bring crude oil inventories back to their 5-year averages, which provided underlying support across the energy markets as it points towards an extension of the Oil Producers Agreement. In addition, crude oil found strength from expectations of a moderate stocks drawdown in the latest weekly storage figures. RBOB gasoline was the strongest member of the energy complex as it has posted an outside day higher to a new 9 1/2 month high. Natural gas prices continue to fall back from Monday’s 3-week high as it posted a moderate loss. An inability to climb back above its 50-day moving average has fueled long liquidation and profit-taking in natural gas.