June Crude Oil closed down 0.24 at 50.61. This was 0.11 up from the low and 0.77 off the high.

June Heating Oil closed down 0.45 at 158.47. This was 0.47 up from the low and 1.75 off the high.

June RBOB Gasoline finished up 0.68 at 167.02, 1.18 off the high and 1.10 up from the low.

May Natural Gas finished down 0.02 at 3.16, 0.06 off the high and 0.03 up from the low.

With the June crude oil market managing to hold above the prior sessions low, it would seem as if the washout on Wednesday was a bit overdone. It is also possible and likely that a recovery in economic psychology combined with a fresh low in the dollar and strength in gasoline crack spreads shifted control temporarily back to the bull case. Other news that lent some support to crude oil pricing today came from Iraq, where cumulative exports for April were down due to maintenance and construction efforts. The weekly natural gas storage report showed an injection of 54 bcf. Total storage stands at 2,115 bcf or 15.4% above the 5 year average. Over the last four weeks, natural gas storage has increased 23 bcf.

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