Energy Market Recap – 4/6/2017 | RJO FuturesPosted 04/06/2017 3:36PM CT |
May Crude Oil closed up 0.57 at 51.72. This was 0.95 up from the low and 0.10 off the high.
May Heating Oil closed up 0.99 at 161.34. This was 1.88 up from the low and 0.41 off the high.
May RBOB Gasoline finished up 1.45 at 172.98, 0.22 off the high and 2.11 up from the low.
May Natural Gas finished up 0.04 at 3.31, 0.03 off the high and 0.07 up from the low.
The crude oil market and the gasoline market performed impressively today. In fact, both crude oil prices and energy related stocks rose somewhat in sync in the crude oil and that action was made even more impressive by the fact many physical commodities had to battle strength in the US dollar again. Other potentially bearish news headlines that were discounted by the energy complex were reports that a troubled North Sea oil field and news that a BP refinery in Indiana came back online. With the Pentagon supposedly discussing military options with regard to Syria after that countries leader’s visit there could be a slight bid moving toward the energy markets because of the potential for tensions throughout the Middle East. It is also possible that some of the gains in the prior trading session were the result of political tensions in Venezuela which is a key global energy market. Another potentially supportive outside market force for crude oil is news that weekly gas oil stocks at the European Amsterdam Rotterdam and Antwerp (ARA) hub declined from 3.286 million to 3.261 million tonnes. With a quasi-double low respected over the prior two trading sessions at $50.74, that could present the trade with a key pivot point in the action today.