RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

July Crude Oil closed down 0.31 at 49.49. This was 0.46 up from the low and 0.79 off the high.

July Heating Oil closed down 1.51 at 155.19. This was 1.24 up from the low and 3.18 off the high.

July RBOB Gasoline finished down 0.42 at 162.19, 2.23 off the high and 1.44 up from the low.

July Natural Gas finished down 0.16 at 3.15, 0.11 off the high and 0.00 up from the low.

 

Despite weakness in a series of global cash crude grades today, the WTI Futures market at times managed to take out last Friday’s highs and the market ended up spending a large amount of time waffling around both sides of unchanged. Some press outlets indicated a softening of US energy demand was cause for the weaker action today while others cited the passing of the oil producers cut agreement as a normalization of market action. News that Russia and Saudi Arabia were possibly working towards some form of long-term agreement on oil policy is probably
supportive to prices.

Hightower Report