Energy Market Recap – 8/22/2017Posted 08/22/2017 3:35PM CT |
October Crude Oil closed up 0.35 at 47.88. This was 0.52 up from the low and 0.33 off the high.
October Heating Oil closed up 2.25 at 160.00. This was 2.63 up from the low and 0.51 off the high.
October RBOB Gasoline finished up 0.88 at 150.49, 1.01 off the high and 1.09 up from the low.
September Natural Gas finished down 0.02 at 2.94, 0.06 off the high and 0.02 up from the low.
The energy complex was slightly higher today in the wake of hopes of another weekly decrease in US crude oil inventories. However, the rate of gain in prices today was relatively unimpressive. Small decline expectations in both gasoline and distillate stocks are minimal and that combined with generally anemic US schedule data might have tempered the potential demand optimism being thrown off by significant gains in US equities. Another issue holding back energy prices today was a strong US dollar which makes US energy products a little more expensive on the global market. The natural gas market was also weaker as the prospect of an increase to renewed intensity in a tropical storm was discounted and tropical waves at the current time don’t look too threatening.