April Crude Oil closed up 1.20 at 48.92. This was 0.76 up from the low and 0.12 off the high.
April Heating Oil closed up 2.24 at 151.43. This was 1.27 up from the low and 0.70 off the high.
April RBOB Gasoline finished up 0.46 at 158.81, 2.27 off the high and 1.00 up from the low.
April Natural Gas finished up 0.03 at 2.97, 0.04 off the high and 0.04 up from the low.
May crude oil finished Wednesday’s trading with a sizable gain after what was a volatile 24 hours of trading. Following reports that OPEC was forecasting rising oil supplies in spite of an agreement by major producers to cut their output, the market was wrong-footed after by a private survey that showed a surprising decline in US crude oil stocks in sharp contrast to expectations for a build of over 3 million barrels. This was confirmed by the EIA weekly release that showed a decline of 237,000 barrels along with higher than expected draws in distillates and gasoline stocks. However, the EIA also showed US crude oil production rising up above 9.1 million barrels per day while crude oil stocks at Cushing, Oklahoma were more that 1.5 million barrels above estimates. Crude oil and heating oil all fell back below their morning highs while RBOB fell into negative territory, only for all 3 energy markets to regain upside momentum in the wake of the Dollar’s post-FOMC nosedive. Natural gas found its footing to grind out a moderate gain on Wednesday. However, forecasts for warmer weather during the latter part of March over much of the US are limiting upside momentum for natural gas prices.