Energy Market Recap – 3/17/2017 | RJO FuturesPosted 03/17/2017 3:31PM CT |
May Crude Oil closed up 0.02 at 49.26. This was 0.16 up from the low and 0.45 off the high.
April Heating Oil closed up 0.52 at 150.95. This was 1.16 up from the low and 0.73 off the high.
April RBOB Gasoline finished up 0.07 at 159.49, 1.45 off the high and 0.89 up from the low.
April Natural Gas finished up 0.04 at 2.95, 0.02 off the high and 0.06 up from the low.
Crude oil prices were unable to hold onto early strength but remain in positive territory for much of Friday’s trading session. Comments by the Saudi Oil Minister that the output cuts agreed to by a group of major producing nations may be extended past June has provided some measure of support to the market. However, abundant US and Asian supplies continue to weigh on energy prices going into the weekend. Both RBOB and heating oil were able to grind out moderate gains as they are benefiting from a sluggish Dollar. Natural gas prices were able to shake off early ressure to record a modest gain on Friday. Expectations that US natural as exports will increase going forward helped to underpin the market late in the week.