Energy Market Recap – 9/14/2017Posted 09/14/2017 3:35PM CT |
October Crude Oil closed up 0.42 at 49.72. This was 0.57 up from the low and 0.78 off the high.
October Heating Oil closed up 0.67 at 177.52. This was 1.38 up from the low and 2.07 off the high.
October RBOB Gasoline finished down 2.17 at 162.56, 3.10 off the high and 0.24 up from the low.
October Natural Gas finished up 0.01 at 3.07, 0.04 off the high and 0.03 up from the low.
The energy market continued to find across the board support as crude oil regained the upper hand on the product markets during Thursday’s trading session. Forecasts for improving global demand are providing underlying support and while domestic crude oil production has already returned to near pre-hurricane levels, refinery input continue to increase as Gulf Coast facilities ramp up their operations. While heating oil found moderate support, RBOB prices made little headway into positive territory and remain vulnerable to a near-term pullback over the rest of this week. Natural gas prices were able to shake off midsession pressure and reached a new 8-week high. While the latest EIA storage readings showed a higher than expected weekly injection, updated weather forecasts point towards an uptick
in utility demand. The weekly natural gas storage report showed an injection of 91 bcf. Total storage stands at 3,311 bcf, or 1.3% above the 5 year average. Over the last four weeks, natural gas storage has increased 229 bcf.