Energy Market Recap – 4/19/2017 | RJO FuturesPosted 04/19/2017 3:36PM CT |
June Crude Oil closed down 1.87 at 50.98. This was 0.47 up from the low and 2.10 off the high.
June Heating Oil closed down 3.91 at 159.20. This was 1.45 up from the low and 4.83 off the high.
June RBOB Gasoline finished down 5.19 at 166.46, 5.31 off the high and 1.06 up from the low.
May Natural Gas finished up 0.05 at 3.19, 0.03 off the high and 0.05 up from the low.
News of an actual date for the OPEC and non-OPEC oil producers meeting was unable to support prices for the producers, as perhaps seeing a May 25th date delays the decision far enough in the future to undermine bullish psychology. While US crude stocks in the weekly EIA report declined, overall stock levels in the US are still at record levels and 25 million barrels above year ago levels and that is difficult to discount. Another issue that might have added to the downside pressure was a request from Exxon for a waiver of Russian sanctions to complete a project started back in 2012, as that might indicate a loosening of supply restrictions from that region. It also seemed as if a rising gasoline stocks Fed the general liquidation wave in energy prices today.