Energy Market Recap – 4/24/2017 | RJO FuturesPosted 04/24/2017 3:43PM CT |
June Crude Oil closed down 0.43 at 49.19. This was 0.16 up from the low and 1.03 off the high.
June Heating Oil closed down 1.28 at 154.66. This was 0.36 up from the low and 2.95 off the high.
June RBOB Gasoline finished down 1.92 at 162.61, 3.13 off the high and 0.28 up from the low.
May Natural Gas finished down 0.03 at 3.07, 0.08 off the high and 0.04 up from the low.
The energy complex started out the week with a positive tone, but was unable to sustain upside momentum as crude oil, RBOB and heating oil stayed in negative territory by the close of Monday’s trading session. While many commodities received a positive boost from the “risk on” mood that followed Sunday’s French election results, early energy market gains were more subdued. Crude oil prices were unable to hold their ground above the key $50.00 level which may have fueled technically-based selling, while a continued rise in the Baker Hughes oil rig count may signal increased US production that will offset output cuts seen in the Oil Producers Agreement. Natural gas prices saw seen bumpy price action early this week and while staying in negative territory, managed to bounce well above a 1-month low and climbed back above their 50-day and 200-day moving averages. Cooler than normal temps in the 6-10 day forecasts over the Midwest may provide a modest boost to heating demand, which helped natural gas to avoid an extension of a downside breakout.