Energy Market Recap – 4/5/2017 | RJO FuturesPosted 04/05/2017 3:36PM CT |
May Crude Oil closed down 0.16 at 50.87. This was 0.13 up from the low and 1.01 off the high.
May Heating Oil closed up 0.50 at 159.73. This was 0.46 up from the low and 2.50 off the high.
May RBOB Gasoline finished down 1.08 at 171.09, 2.65 off the high and 0.68 up from the low.
May Natural Gas finished down 0.02 at 3.27, 0.08 off the high and 0.02 up from the low.
While the crude oil contract today forged an impressive upside extension it was unable to hold those gains which in turn suggest to some that the market might have reached an equilibrium price at the high today. However the trade was expecting a clean sweep of declining inventory levels from the EIA and instead it was presented with a 1.5 million barrel build in crude stocks. Prices were also knocked back from the highs because of smaller than anticipated products stock draws. It also seemed as if crude prices were helped to the higher high yesterday because of the early favorable US economic data and that subsequently weaker than expected data prompted widespread profit-taking. Crude stocks at 535.543 million barrels are the highest ever for this week. EIA crude stocks rose 1.566 million barrels and are 36.945 million barrels above year ago levels. Also, crude stocks stand 135.548 million barrels above the five year average. Crude oil imports for the week stood at 7.85 million barrels per day compared to 8.224 million barrels the previous week. The refinery operating rate was 90.80% up, 1.50% from last week compared to 91.40% last year and the five year average of 87.92%. EIA gasoline stocks fell 618,000 barrels and are 4.895 million barrels below last year and 14.227 million above the five year average. Average total gasoline demand for the past four weeks was down 0.55% compared to last year. Gasoline imports came in at 607,000 barrels per day compared to 521,000 barrels the previous week. EIA distillate stocks fell 536,000 barrels and stand at 10.61 million barrels below last year and 22.813 million above the five year average. Distillate imports came in at 131,000 barrels per day compared to 115,000 barrels the previous week. Average total distillate demand for the past four weeks was up 13.88% compared to last year. Heating oil stocks at 10.018 million barrels is the lowest for this week since 2015 EIA heating oil stocks fell 310,000 barrels and are 3.245 million barrels below last year and 6.409 million below the five year average.