Energy Market Recap – 3/30/2017 | RJO FuturesPosted 03/30/2017 3:31PM CT |
May Crude Oil closed up 0.85 at 50.36. This was 1.09 up from the low and 0.11 off the high.
May Heating Oil closed up 1.63 at 156.23. This was 2.79 up from the low and 0.37 off the high.
May RBOB Gasoline finished up 1.33 at 168.67, 0.80 off the high and 2.18 up from the low.
May Natural Gas finished down 0.04 at 3.19, 0.05 off the high and 0.05 up from the low.
Energy prices went on to post sizable gains for Thursday’s trading with crude oil now more than $3.00 above Monday’s low. Improving risk sentiment provided crude oil with a significant boost as the market continues to find support from EIA stocks readings that showed a smaller crude oil build than forecast. In addition, news that January and February Chinese oil production fell by 8% from last year’s levels as well as continued supply issues with Libyan oil terminals provided additional support to the market. Heating oil and RBOB posted their fourth daily gain in a row with both product markets posting moderate gains as this week’s sizable EIA stocks draws overshadowed a build in European fuel stocks. Natural gas prices made a sizable comeback from early losses but could not lift clear of negative territory. Although the weekly EIA storage draw was larger than forecast, expectations for warmer weather across large regions of the US continued to weigh on prices. The weekly natural gas storage report showed a draw of 43 bcf. Total storage stands at 2049 bcf or 13.9% above the 5 year average. Over the last four weeks natural gas storage has declined 314 bcf.