Energy Market Recap – 10/31/2017Posted 10/31/2017 3:34PM CT |
December Crude Oil closed up 0.29 at 54.44. This was 0.51 up from the low and 0.14 off the high.
December Heating Oil closed up 0.25 at 187.87. This was 1.30 up from the low and 0.92 off the high.
December RBOB Gasoline finished up 1.79 at 173.11, 0.66 off the high and 2.99 up from the low.
December Natural Gas finished down 0.06 at 2.91, 0.10 off the high and 0.03 up from the low.
The energy markets initially waffled around both sides of unchanged today as if they were uninterested in a series of supportive headlines. However, the market ultimately gained traction to post another fresh higher high. Apparently news that OPEC oil output probably declined this month, at the same time that Iraqi exports declined was enough to put December crude oil prices up to the highest level since Mid-April. In fact, the bulls also news from the EIA that US July crude oil production was revised lower and that August oil production declined by 31,000 barrels per day and that certainly enhances the recent of world supply tightening as opposed too mere rebalancing! It should also be noted that the US rig operating count over the past three months has consistently declined and that could mean further declines in US oil production in the month of September when those figures are released.