December Crude Oil closed down 0.46 at 55.24. This was 0.36 up from the low and 0.32 off the high.
December Heating Oil closed up 0.12 at 190.82. This was 2.27 up from the low and 0.62 off the high.
December RBOB Gasoline finished down 2.52 at 173.60, 1.60 off the high and 0.98 up from the low.
December Natural Gas finished down 0.02 at 3.09, 0.07 off the high and 0.03 up from the low.
The energy markets bounced back from early pressure, but crude oil and RBOB remained in negative territory midway through Wednesday’s trading session. The EIA survey showed that US crude oil stocks showed a weekly increase and while that was in contrast to trade forecasts, it was less than half the size of the huge weekly build seen in Tuesday’s API survey. The EIA showed US gasoline stocks having a surprising weekly increase, but one that was smaller than in Tuesday’s API data. The EIA’s read on distillate stocks was a lower draw that estimates and the API survey, but at least showed a decline which helped ULSD outperform the other members of the energy complex as it climbed into positive territory. Natural gas was initially able to shake off early pressure, but then fell back into negative territory later in the day. Lower than average storage levels going into the North American heating season continue to support natural gas prices.