March Crude Oil closed down 0.97 at 52.89. This was 0.12 up from the low and 1.06 off the high.
March Heating Oil closed down 3.93 at 162.66. This was 0.77 up from the low and 4.58 off the high.
March RBOB Gasoline finished down 4.58 at 154.38, 5.93 off the high and 0.39 up from the low.
March Natural Gas finished down 0.09 at 2.94, 0.05 off the high and 0.00 up from the low.
With oil prices falling sharply in the wake of suggestions from OPEC they have achieved 93% compliance with the production cut backs scheme it is clear the market was overbought into last week’s highs and perhaps tempering its bullish euphoria. It is possible that a disruption at a pipeline in Rotterdam undermined crude oil demand into that region but it is also possible that strength in the dollar press coverage of rising retail gas prices over the last month prompted the trade to curtail product demand expectations.