July Crude Oil closed down 2.55 at 48.81. This was 0.36 up from the low and 3.19 off the high.
July Heating Oil closed down 5.62 at 155.46. This was 0.46 up from the low and 7.67 off the high.
July RBOB Gasoline finished down 4.51 at 160.25, 6.16 off the high and 1.21 up from the low.
July Natural Gas finished down 0.02 at 3.28, 0.07 off the high and 0.04 up from the low.
After reaching a 5-week high early, crude oil prices took a nosedive as they finished Thursday’s trading session with a heavy loss. The catalyst for the negative turnaround was news from Vienna that major oil producing nations had agreed to extend their agreement. While the quotas will remain in place for another 9 months, they will remain unchanged while Nigeria and Libya will continue to be exempt. Both product markets came under significant pressure as they continue to be pressured by lower than expected weekly draws in the latest EIA stocks update. Natural gas prices sustained moderate losses as they have been weakened by a larger than expected storage build. The weekly natural gas storage report showed an injection of 75 bcf. Total storage stands at 2,444 bcf or 10.9% above the 5 year average. Over the last four weeks, natural gas storage has increased 255 bcf.