RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

August Crude Oil closed up 0.20 at 44.43. This was 0.78 up from the low and 0.41

August Heating Oil closed up 0.51 at 145.33. This was 1.88 up from the low and 1.33 off the high.

August RBOB Gasoline finished up 0.19 at 150.03, 1.40 off the high and 2.44 up from the low.

August Natural Gas finished up 0.06 at 2.92, 0.02 off the high and 0.05 up from the low.

Despite seeing a lower low for the move early today, the September crude oil contract at times was trading $1.20 above the initial low. Interest in crude oil was lifted following reports that Libya and Nigeria might attend this month’s producer meetings. With an increase in fund interest toward London Brent crude and Asian contracting for September condensate supply firming, it wasn’t surprising to see crude oil reject the downside breakout. Another issue that is capable of underpinning crude oil prices is a report from Reuters pointing to increased ship to ship activity in the North Sea.

Hightower Report