Energy Market Recap – 11/21/2017Posted 11/21/2017 3:34PM CT |
January Crude Oil closed up 0.47 at 56.89. This was 0.57 up from the low and 0.33 off the high.
January Heating Oil closed down 0.03 at 193.40. This was 1.09 up from the low and 1.77 off the high.
January RBOB Gasoline finished up 2.20 at 175.98, 0.69 off the high and 2.73 up from the low.
December Natural Gas finished down 0.03 at 3.02, 0.04 off the high and 0.01 up from the low.
The January crude oil contract spent most of the Tuesday trade in positive territory, and did manage to claw out a fresh six day high. Clearly the broad-based risk on environment helped to foster a favorable demand environment especially since that action was enhanced by a weaker US dollar. The market might also have been factoring in expectations of a decline in weekly energy stocks. Even the gasoline market managed a five day high and clawed back above its 21 day moving average in a fashion that suggest the recent uptrend pattern remains in place.