Energy Market Recap – 6/26/2017Posted 06/26/2017 3:35PM CT |
August Crude Oil closed up 0.38 at 43.39. This was 0.76 up from the low and 0.26 off the high.
August Heating Oil closed up 0.90 at 138.77. This was 2.39 up from the low and 0.89 off the high.
August RBOB Gasoline finished up 1.01 at 143.25, 0.45 off the high and 3.05 up from the low.
July Natural Gas finished up 0.12 at 3.05, 0.01 off the high and 0.07 up from the low.
Given the severe beating in prices since the late May high, a measure of the last three days recovery action is probably short covering and technical balancing. While the energy market might have drafted some minimal demand hope from the risk on vibe present early in the Monday trade, that conclusively upbeat vibe was counterveiled during the Monday session by week US data and divergence between various sectors within the US stock market. The bull camp might have been helped by press stories touting the conclusively bearish view toward crude oil pricing and it is also possible that some traders are becoming fearful of another week of strong implied gasoline demand readings and lower crude oil stocks figures from the API and EIA.