Energy Market Recap – 8/4/2017Posted 08/04/2017 3:30PM CT |
September Crude Oil closed up 0.48 at 49.51. This was 1.01 up from the low and 0.13 off the high.
September Heating Oil closed up 0.64 at 164.53. This was 2.08 up from the low and 0.76 off the high.
September RBOB Gasoline finished up 1.11 at 164.30, 0.95 off the high and 1.86 up from the low.
September Natural Gas finished down 0.02 at 2.78, 0.02 off the high and 0.03 up from the low.
After making a fresh three day low, September crude oil managed to recover and venture back toward the $50 per barrel level. However, gasoline prices did not show as much resiliency as crude oil and that could leave the market vulnerable to further declines next week. It should be noted that some international cash crude grades broke this week’s trend with weaker action, but one would expect favorable US jobs data to provide a fundamental underpin for prices from an improved demand perspective. It is also likely that some shorts decided to bank profits and move to the sidelines ahead of next week’s oil producers meeting. The weekly Baker Hughes operating count showed a 1 rig decline in oil rigs while gas rigs declined by 3, and that should be minimally supportive to both crude and natural gas.