Energy Market Recap – 9/7/2017Posted 09/07/2017 3:32PM CT |
October Crude Oil closed down 0.04 at 49.12. This was 0.49 up from the low and 0.21 off the high.
October Heating Oil closed up 2.68 at 178.63. This was 4.07 up from the low and 0.07 off the high.
October RBOB Gasoline finished down 1.55 at 165.78, 3.59 off the high and 1.53 up from the low.
October Natural Gas finished down 0.02 at 2.98, 0.05 off the high and 0.01 up from the low.
The energy markets continued to see divergent price action this morning as crude oil bounced back from significant early losses and climbed back towards unchanged levels during Thursday’s trading session. The EIA released their weekly storage numbers that were heavily impacted by Hurricane/Tropical Storm Harvey, which showed a weekly build in crude oil stocks that was roughly in-line with trade forecasts. While weekly gasoline stocks fell by over 3 million barrels, this was below estimates and put RBOB prices back on the defensive. Although the weekly decline in distillate stocks failed to match forecasts as well, they are more than 10 million barrels below last year’s total which provided heating oil prices with some underlying support. Natural gas prices were unable to hold onto early gains and have fallen into negative. The EIA natural gas storage numbers showed a net injection that was slightly above market forecasts which put the market back under pressure.