Energy Market Recap – 11/17/2017Posted 11/17/2017 3:33PM CT |
January Crude Oil closed up 1.41 at 56.76. This was 1.37 up from the low and 0.05 off the high.
December Heating Oil closed up 4.67 at 194.88. This was 4.87 up from the low and 0.57 off the high.
December RBOB Gasoline finished up 2.95 at 174.32, 0.91 off the high and 2.63 up from the low.
December Natural Gas finished up 0.08 at 3.13, 0.00 off the high and 0.07 up from the low.
The energy markets finished the week on a positive note as crude oil and the products posted sizable gains for Friday’s trading session. There are reports that Chinese crude oil inventories have fallen for the first time in 12 months, due in part to strong refinery processing levels which has helped to shore up global demand prospects. Rising US production may be limiting further gains, but the Baker Hughes oil rig total posted an unchanged reading from last week. ULSD continued to have the upper hand on RBOB as it is within striking distance of a new high for the move. Natural gas prices found moderate support and continued to be strengthened by below average storage levels at the start of the North American winter heating season.