Energy Market Recap – 8/29/2017Posted 08/29/2017 3:42PM CT |
October Crude Oil closed down 0.18 at 46.39. This was 0.63 up from the low and 0.57 off the high.
October Heating Oil closed up 2.60 at 165.69. This was 3.10 up from the low and 0.09 off the high.
October RBOB Gasoline finished up 4.26 at 161.39, 0.29 off the high and 6.28 up from the low.
October Natural Gas finished up 0.02 at 2.98, 0.01 off the high and 0.04 up from the low.
While the information from Texas and Louisiana is difficult to verify, the ongoing spin from Hurricane Harvey is continuing to bring massive amounts of rain into already flooded areas and the extent of the flooding is clearly worsening and more refinery problems and longer shutdown time should be difficult to avoid. Tempering the negative refinery shutdown reality is news that Bakken oil movement to the US Gulf of Mexico terminus through pipelines has been impaired. Another issue that might lend some support to crude oil is news that some crude oil loadings are expected to be carried out in the coming week. Our opinion is that a significant void in crude oil demand will extend at the same time that production of products will remain idle for longer than the trade is currently factoring into prices.