Energy Market Recap – 9/12/2017Posted 09/12/2017 3:40PM CT |
October Crude Oil closed up 0.20 at 48.27. This was 0.54 up from the low and 0.17 off the high.
October Heating Oil closed down 0.20 at 174.07. This was 1.67 up from the low and 0.72 off the high.
October RBOB Gasoline finished up 2.47 at 165.92, 0.24 off the high and 3.40 up from the low.
October Natural Gas finished up 0.05 at 3.00, 0.04 off the high and 0.07 up from the low.
The energies found across the board support as the market appears to be putting Hurricanes Irma and Harvey in their rear-view mirror. Crude oil demand should continue to rise as more Gulf Coast refineries ramp up their operations, while there has been more discussion over extending the Oil Producers Agreement for another 3 months. Gasoline demand should rebound as Irma leaves the region, while Florida gas stations should be replenished once logistical problems are worked out. Natural gas prices built on early gains and climbed back above its 50-day moving average during today’s trading. As power is restored to Florida and areas of the southeast US, utility demand for natural gas should see a rebound.