Energy Market Recap – 9/26/2017Posted 09/26/2017 3:33PM CT |
November Crude Oil closed down 0.31 at 51.91. This was 0.48 up from the low and 0.52 off the high.
November Heating Oil closed down 1.19 at 183.76. This was 2.69 up from the low and 2.10 off the high.
November RBOB Gasoline finished down 1.92 at 164.82, 3.40 off the high and 1.04 up from the low.
November Natural Gas finished up 0.01 at 3.00, 0.02 off the high and 0.03 up from the low.
While the nearby crude oil contract did manage a higher high for the move early today the market was initially unable to hold those gains perhaps because of fears of an afternoon rise in crude oil stocks figures from a private entity. Expectations for the EIA weekly crude oil stocks change call for a 2 million barrel plus inflow but those expectations are likely to be adjusted later today following the API figures. The early gains in crude oil were probably the result of news that Chinese August crude oil imports increased by 3% but ongoing talk about the US and Russian competition to supply Chinese oil needs has kept the hope for strong global demand in place. Another issue that might have provided minimal support to energy prices is news that oil exports from a Russian port declined by 100,000 tons.