Energy Market Recap – 5/8/2017 | RJO FuturesPosted 05/08/2017 3:37PM CT |
June Crude Oil closed up 0.26 at 46.48. This was 0.75 up from the low and 0.50 off the high.
June Heating Oil closed up 2.22 at 145.88. This was 2.72 up from the low and 0.23 off the high.
June RBOB Gasoline finished up 1.69 at 152.15, 0.73 off the high and 2.09 up from the low.
June Natural Gas finished down 0.08 at 3.18, 0.08 off the high and 0.04 up from the low.
After taking out the Friday high, June crude oil fell back and was content to waffle around both sides of unchanged for most of the trading session. Perhaps the energy trade was disappointed in the lack of macroeconomic optimism follow-through from the nonfarm payrolls and the passing of the French election. Clearly the energy complex has become less impressed with the promise of an extension of production cuts as Saudi Arabia indicated the potential for an extension to the end of this year, and yet prices failed to benefit from that news. Another issue taking away from the bull case was the restart of a Port Arthur Texas refinery following its shutdown late last week.