RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

April Crude Oil closed up 0.78 at 54.37. This was 0.50 up from the low and 0.57 off the high.

April Heating Oil closed up 2.42 at 166.33. This was 1.71 up from the low and 2.69 off the high.

April RBOB Gasoline finished up 1.04 at 174.52, 2.98 off the high and 0.94 up from the low.

April Natural Gas finished up 0.05 at 2.75, 0.06 off the high and 0.06 up from the low.


The crude oil market today showed another wide trading range with most of the trade action spent in positive territory. Weekly crude oil stocks showed only a minimal build which after a series of large builds is slightly supportive of prices. The market could have pressured crude pricing in the wake of the inventory data as private data earlier in the week actually showed a decline, but it would appear that energy prices have returned to a slightly bullish bias. Other issues that continue to provide support to energy prices are developing weakness in the dollar and the continuation of a general risk-on economic vibe. The weekly natural gas storage report showed a draw of 89 bcf. Total storage stands at 2,356 bcf or 7.1% above the 5 year average. Over the last four weeks, natural gas storage has declined 442 bcf. Crude stocks at 518.683 million barrels is the highest ever for this week. EIA crude stocks rose 564,000 barrels and are 42.358 million above year ago levels. Also, crude stocks stand 143.55 million barrels above the five year average. Crude oil imports for the week stood at 7.286 million barrels per day compared to 8.491 million barrels the previous week. The refinery operating rate was 84.30% down, 1.10% from last week compared to 87.30% last year and the five year average of 86.28%. EIA gasoline stocks fell 2.628 million barrels and are 22,000 barrels below last year and 19.336 million above the five year average. Average total gasoline demand for the past four weeks was down 5.22% compared to last year. Gasoline imports came in at 367,000 barrels per day compared to 604,000 barrels the previous week. Distillate stocks at 165.133 million barrels are at a record high for this week. Previous record was in 2016. EIA distillate stocks fell 4.924 million barrels and stand at 4.418 million barrels above last year and 32.313 million above the five year average. Distillate imports came in at 129,000 barrels per day compared to 216,000 barrels the previous week. Average total distillate demand for the past four weeks was up 14.36% compared to last year. EIA heating oil stocks rose 36,000 barrels and are 2.628 million barrels below last year and 6.050 million below the five year average.

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