Energy Market Recap – 5/23/2017Posted 05/23/2017 3:33PM CT |
July Crude Oil closed up 0.43 at 51.56. This was 0.99 up from the low and 0.03 off the high.
July Heating Oil closed up 0.89 at 161.71. This was 2.59 up from the low and 0.08 off the high.
July RBOB Gasoline finished down 0.18 at 165.65, 0.83 off the high and 1.80 up from the low.
June Natural Gas finished down 0.10 at 3.23, 0.10 off the high and 0.02 up from the low.
While July crude oil forged a lower low early in the Tuesday trade, it clearly rejected that slide and at times was trading nearly a dollar above the initial lows. Technically the July crude oil contract did manage a higher high and it did spend a lot of time near the upper end of the trading range. The crude oil market could have been undermined by slack US scheduled data and a higher US dollar and that probably was the result of the official extension of the Oil Producers cut. Early expectations call for a 500,000 to 1 million barrel decline in crude oil stocks to be released over the coming 24 hours.