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European Energies Futures Prices

Wed, Apr 24th, 2019
[[ timeframe ]] futures price quotes as of Wed, Apr 24th, 2019.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.

Futures Market News and Commentary

Crude Oil Extends Rally on Expectations for Sharp Drop in Iranian Oil Exports

Jun WTI crude oil (CLM19) on Tuesday closed up by +0.75 (+1.14%) and Jun Brent crude oil (CBM19) closed up by +0.47 (+0.63%). Jun RBOB gasoline (RBK19) closed up by +0.0055 (+0.26%). The energy complex rallied Tuesday with Jun WTI crude and Jun Brent crude at fresh 5-3/4 month highs. Crude prices gained on carry-over support from Monday when the Trump administration announced that the U.S. will not renew waivers that let countries buy Iranian oil without facing U.S. sanctions. The current set of waivers that were issued to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey expire on May 2 and the U.S. wants to completely shut down Iranian crude exports. In response to the U.S. action to stop Iranian crude exports, Iran on Monday threatened to close the Strait of Hormuz, which carries 20% of the world's crude exports. Crude prices on Tuesday fell back from their best levels after the dollar index rallied to a 1-3/4 year high. Also, Tuesday afternoon's weekly API data was negative for crude prices since it showed U.S. crude stockpiles rose +6.86 million bbl last week, far above the consensus for Wednesday's weekly EIA data of +500,000 bbl. Last Wednesday's EIA data showed that U.S. crude oil inventories as of Apr 12 were -0.1% below the 5-year average, gasoline supplies were -1.0% below the 5-year average, and distillate stockpiles were -5.8% below the 5-year average. U.S. crude production in the week ended Apr 12 was down -0.8% w/w at 12.1 million bpd, just below the recent record high of 12.2 million bpd.
Natural Gas Prices Slump to a 2-3/4 Year low on Increased U.S. Nat-Gas Output

May Nymex natural gas (NGK19) on Tuesday closed down by -0.069 (-2.73%). May nat-gas prices tumbled to a fresh 2-3/4 year nearest-futures low Tuesday on increased U.S. nat-gas output and expectations for a build in inventories. Tuesday’s data showed U.S. 48-state nat-gas production at 83.421 bcf, up +4.5% y/y. Thursday's weekly EIA inventory report is expected to climb by +89 bcf, the fourth consecutive increase and well above the 5-year average for this time of year of +47 bcf. A rally in the dollar index Tuesday to a 1-3/4 year high was another negative for commodity prices, including nat-gas. Radiant Solutions is forecasting above-normal temperatures across most of the lower 48 U.S. states through April 26, with heat lingering in the southern U.S. through May 6. Last Thursday's weekly EIA nat-gas inventories jumped by 92 bcf, the third weekly gain, higher than expectations of 90 bcf and well above the 5-year average of 21 bcf for the week. Nat-gas prices have underlying support from continued tight supplies, which stood at 1.247 tcf as of April 12, down -4.0% y/y and -24.9% below the 5-year average.
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