Energy Market Recap – 6/30/2017Posted 06/30/2017 3:35PM CT |
August Crude Oil closed up 1.29 at 46.22. This was 1.34 up from the low and 0.02 off the high.
August Heating Oil closed up 3.50 at 148.55. This was 3.67 up from the low and 0.07 off the high.
August RBOB Gasoline finished up 3.87 at 151.57, 0.06 off the high and 4.05 up from the low.
August Natural Gas finished down 0.01 at 3.03, 0.02 off the high and 0.06 up from the low.
In a surprise to a moderate portion of the trade, August crude oil managed another higher high for the move cap off a very impressive weekly gain. Issues providing lift to crude oil prices came from news that US crude oil production in the month of April fell by 24,000 barrels per day and that news was made even more important by headlines that China became the world’s largest buyer of crude oil last month. With the increase in Chinese May crude imports, they have seen imports jump by over 15% relative to the same period in 2016. Adding into the bullish psychology at the end of the week is news that US oil drillers reduced the amount of rigs operating for the first time in five months. Oil drilling rigs dropped by two and gas rigs were unchanged.