Energy Market Recap – 3/20/2017 | RJO FuturesPosted 03/20/2017 3:32PM CT |
May Crude Oil closed down 0.41 at 48.90. This was 0.44 up from the low and 0.46 off the high.
April Heating Oil closed up 0.58 at 151.43. This was 2.17 up from the low and 1.20 off the high.
April RBOB Gasoline finished up 1.22 at 161.11, 1.37 off the high and 3.01 up from the low.
April Natural Gas finished up 0.13 at 3.08, 0.00 off the high and 0.17 up from the low.
The bull camp in the crude oil market was probably saved today by fresh hints of a possible extension of the producer cut agreement as there would seem to be broadening support for such an idea. However, with indications today that the extension talks may not take place until the May OPEC meeting means that hope for continued restricted supply in the future is somewhat delayed. Another issue that might limit the upside in crude oil in the near term is the fact that some OPEC producers want non-OPEC members to agree to the cuts in order to extend the