Energy Market Recap – 5/1/2017 | RJO FuturesPosted 05/01/2017 3:53PM CT |
June Crude Oil closed down 0.57 at 48.76. This was 0.17 up from the low and 0.56 off the high.
June Heating Oil closed down 1.96 at 148.76. This was 1.10 up from the low and 2.33 off the high.
June RBOB Gasoline finished down 2.23 at 152.58, 2.89 off the high and 1.16 up from the low.
June Natural Gas finished down 0.05 at 3.23, 0.09 off the high and 0.03 up from the low.
Crude oil prices had a mildly positive start to the week, but then fell back on the defensive as they finished Monday’s trading session with sizable losses. Comments by several officials over the weekend strengthened the case that the Oil Producers Agreement will be extended, but there were fresh reports that an extension may be less than 6 months in duration. In addition, indications that Libyan oil production has climbed back above 700,000 barrels per day also weighed on crude oil prices. Both product markets were under heavy pressure as heating oil and RBOB had reached new lows for their move by the close. Natural gas started out the week by reaching a new 1 1/2 week high, but then turned back to the downside before posting a moderate loss. Forecasts that the North American summer may not be as warm as earlier projected have pressured natural gas prices as that scenario would reduce air conditioning demand.