Energy Market Recap – 7/20/2017Posted 07/20/2017 3:33PM CT |
September Crude Oil closed down 0.40 at 46.92. This was 0.11 up from the low and 0.82 off the high.
September Heating Oil closed down 0.54 at 154.98. This was 0.39 up from the low and 3.07 off the high.
September RBOB Gasoline finished down 0.46 at 157.38, 2.22 off the high and 0.53 up from the low.
August Natural Gas finished down 0.03 at 3.03, 0.08 off the high and 0.02 up from the low.
It depends on how one looks at the action in energy prices today as more new highs were achieved, but the markets were unable to hold those gains straightaway. Ongoing “risk on” psychology from equities, significant declines in the dollar and residual support from news that Saudi Arabia was emptying some domestic storage should leave the bull camp with an ongoing edge. Other residual support issues for energy prices should come from the ongoing hot US temperature pattern and an increase in Atlantic/Caribbean tropical wave activity. The weekly natural gas storage report showed an injection of 28 bcf. Total storage stands at 2,973 bcf or 5.0% above the 5 year average. Over the last four weeks, natural gas storage has increased 203 bcf.