Energy Market Recap – 3/28/2017 | RJO FuturesPosted 03/28/2017 3:43PM CT |
May Crude Oil closed up 0.64 at 48.37. This was 0.57 up from the low and 0.37 off the high.
May Heating Oil closed up 1.37 at 152.22. This was 1.74 up from the low and 1.91 off the high.
May RBOB Gasoline finished up 1.16 at 163.79, 2.05 off the high and 1.58 up from the low.
May Natural Gas finished up 0.04 at 3.17, 0.02 off the high and 0.08 up from the low.
Crude oil prices were able to build onto yesterday’s recovery move with sizable gains for Tuesday’s trading session. Calmer global markets helped to improve risk sentiment which provided crude oil with initial support this morning. However, energy prices received a sharp boost at midsession from reports that a Libyan oil terminal will have to declare “force majeure” and halt their crude oil shipments, which will reduce exports and expanding production from a nation exempt from the Oil Producers agreement. Both product markets posted sizable gains and while heating oil has risen back to the top end of its recent consolidation, RBOB climbed up to its highest price level in 2 1/2 weeks. Natural gas prices regained upside momentum as they went on to post a moderate gain. Lower US production and rising US exports continue to provide underlying support to natural gas going into the final week of the North American heating season.