Energy Market Recap – 3/2/2017 | RJO FuturesPosted 03/02/2017 3:31PM CT |
April Crude Oil closed down 1.21 at 52.62. This was 0.05 up from the low and 1.18 off the high.
April Heating Oil closed down 4.44 at 157.97. This was 0.17 up from the low and 5.43 off the high.
April RBOB Gasoline finished down 3.16 at 164.64, 2.66 off the high and 1.98 up from the low.
April Natural Gas finished up 0.01 at 2.81, 0.02 off the high and 0.08 up from the low.
In addition to fresh and noted damage on the charts in both crude oil and RBOB, the market continues to play up the news that Russia is failing to achieve the production cuts as quickly as other producers. It goes without saying that burgeoning crude oil and gasoline stocks have given the bear camp cover for pressing the short side of the market this week. With the added negatives of a soaring dollar, a correction in the stock market and escalating fears of a rate hike, it is not surprising to see oil prices forge the biggest decline since February 7th. The weekly natural gas storage report showed an injection of 7 bcf. Total storage stands at 2,363 bcf or 14.3% above the 5 year average. Over the last four weeks, natural gas storage has declined 348 bcf.