Energy Market Recap – 11/8/2017Posted 11/08/2017 3:33PM CT |
December Crude Oil closed down 0.38 at 56.82. This was 0.41 up from the low and 1.10 off the high.
December Heating Oil closed down 0.12 at 192.07. This was 1.66 up from the low and 2.31 off the high.
December RBOB Gasoline finished up 0.95 at 182.48, 1.54 off the high and 2.85 up from the low.
December Natural Gas finished up 0.00 at 3.15, 0.04 off the high and 0.04 up from the low.
The energy markets saw a volatile 24 hours of trading before climbing back into positive territory late in Wednesday’s session. This morning’s EIA weekly report showed a build in crude oil stocks that was in sharp contrast to trade forecasts and last night’s API survey, which put the market under fresh pressure. However, ongoing tensions in Saudi Arabica helped crude oil to rebound off of its morning lows. The EIA survey showed a sizable weekly decline in gasoline stocks that was larger than trade estimates and in contrast to the modest build in the API survey, while the EIA’s distillates reading showed a decline that was larger than forecasts and the API survey. As a result, both product markets held their ground in positive territory. Natural gas prices were able to shake off early pressure to post a moderate gain as prices have reached a new 2-week high. Colder than normal temperatures over large portion of the Midwest and northeastern US are provided natural gas prices with underlying support.