Energy Market Recap – 6/13/2017Posted 06/13/2017 3:39PM CT |
July Crude Oil closed up 0.41 at 46.49. This was 0.93 up from the low and 0.08 off the high.
July Heating Oil closed up 2.46 at 145.00. This was 3.19 up from the low and 0.21 off the high.
July RBOB Gasoline finished up 1.38 at 150.18, 0.49 off the high and 2.72 up from the low.
July Natural Gas finished down 0.06 at 2.97, 0.10 off the high and 0.02 up from the low.
July crude oil today rejected a downside breakout below yesterday’s low, and effectively scored a five day high closing value. The fear of excess US supply continues to hang over the market as does generally negative gasoline chart. A fresh wrinkle in the Middle East tensions came from the Turkish President who suggested attempts to isolate Qatar was contrary to Islamic beliefs. An issue that might have provided fresh overhead resistance to energy prices today is a forecast from British Petroleum pointing to sluggish global demand and softer than anticipated Chinese consumption.