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Markets backed off slightly today across the board. At the close, we saw front month ULSD settle up .0012 to 1.4369 (1.4416 +.0006 for Feb), RBOB dropped .0089 to 1.3077 (-.0087 to 1.3137 for Feb) and WTI closed out at 46.57
Oil markets were tumbling well before the open today, and unfortunately we didn't see that turn around at all through the course of the official trading day.
Wild day on the markets today! Oil plummeted on news that the production cuts proposed at the OPEC+ meeting in Vienna were rejected by the "plus" contingent of the OPEC+ coalition - namely, Russia.
WTI Crude traded & settled below $50/bbl earlier this week, as prices continued to slide across commodities. Today, however, we saw the trend reversing, with the market up this morning by almost 3%. (Early on, we were up over the 3% mark but gains dropped off slightly after the EIA inventory reports were released this morning.)
After what seems like 76 days, January is finally over.
Markets shot up today after relative calm earlier in the week, on EIA inventory reporting this morning that showed a 4.9mmb drop in Crude, once again far surpassing analyst predictions.
The markets were initially up somewhat today on EIA inventory reporting and projected slowdowns in US Shale production through 2020.
The NYMEX was down across the board today, with Crude settling at $56.35 (from $57.23), ULSD dropping .0288 to settle at $1.9278, and Gas shedding .0484 to close out at $1.6262.
After starting the morning up on the EIA inventory reports of large crude draws (-6.9 mmb), the NYMEX dropped later through today's trading, as more information about the firing of US National Security Advisor John Bolton came to light, and as global demand growth estimates were revised downward yet again.