June Crude Oil closed down 0.35 at 49.27. This was 1.07 up from the low and 0.16 off the high.
June Heating Oil closed down 2.29 at 151.88. This was 2.34 up from the low and 1.92 off the high.
June RBOB Gasoline finished down 3.14 at 156.30, 2.43 off the high and 2.02 up from the low.
June Natural Gas finished down 0.03 at 3.24, 0.03 off the high and 0.03 up from the low.
The energy markets remained squarely on the defensive as crude oil, RBOB and heating oil posting sizable losses for Thursday’s trading session. In spite of all the efforts of major oil producing nations to lift prices by curbing their output, US domestic supply remains near historically high levels while US production continues to rise. A still very large net spec long position is fueling additional long liquidation in crude oil as well. RBOB remains the weakest member of the crude oil complex as this week’s shockingly large stocks build has driven prices down to their lowest level since mid-November, while heating oil is within striking distance of reaching a new 5-month low. Natural gas prices kept within a tight inside-day price range but still found finding moderate pressure midway through today’s trading. The EIA reported a net injection of 74 billion cubic feet in its weekly storage release, which was slightly higher than market forecasts and implies lower demand during the “shoulder season” for natural gas usage. Total storage stands at 2,189 bcf, or 15.8% above the 5 year average. Over the last four weeks, natural gas storage has increased 140 bcf.