18Jan

Recap Energy Market Report

By , January 18th, 2012 | Featured, Market News | 0 Comments

Recap Energy Market Report

March crude oil trended higher throughout the session, supported by better than expected Chinese GDP data and German sentiment. Ideas that China might avoid a hard economic landing were seen as a factor boosting global oil demand expectations. Some traders indicated that weakness in the US dollar and rally in global stork markets probably contributed to the day’s gains. Meanwhile, the Brent vs. WTI Crude oil spread tightened as WTI played catch up for being closed for the MLK holiday yesterday. February Brent crude oil expired this afternoon up nearly $0.80, while WTI was up nearly $2.00. Nearby natural gas prices slumped to their lowest level since September 2009. Some traders blamed record production, near record storage levels and lack of demand threat as factors weighing on the market.

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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

— CMEGroup

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