Energy Market Recap – 6/8/2017Posted 06/08/2017 3:32PM CT |
July Crude Oil closed down 0.06 at 45.66. This was 0.46 up from the low and 0.52 off the high.
July Heating Oil closed up 0.68 at 142.30. This was 1.32 up from the low and 1.75 off the high.
July RBOB Gasoline finished down 0.11 at 149.02, 2.61 off the high and 0.48 up from the low.
July Natural Gas finished up 0.02 at 3.04, 0.03 off the high and 0.06 up from the low.
With yet another aggressive range down probe in energy prices today, the markets appear to have achieved and even higher level of oversold positioning. An issue that clearly helped temper the bearish psychology in the energy complex today was seen in the wake of Chinese imports/exports. However a more important bullish development was seen from the fact that Chinese May crude oil imports registered the second highest monthly tally ever. Furthermore, renewed port restrictions for Qatari oil tankers in the UAE will clearly rekindle the potential for fresh Arab/Middle East geopolitical uncertainties surrounding the energy markets. The weekly natural gas storage report showed an injection of 106 bcf. Total storage stands at 2,631 bcf or 9.9% above the 5 year average. Over the last four weeks natural gas storage has increased 330 bcf.