Daily Energy Report

Crude Oil Futures for January 2020 settled down @ $59.02/bbl trading in a $1.02 range including the overnight-RBOB settled up 0.74/cpg and Heating Oil settled down 0.79/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprise decrease of -4.9 mil/bbl. for the week ending November 29th. Gasoline inventories were up by +3.4 mil/bbl and Distillates also increased for the time frame by +3.1 mil/bbl., domestic refiners ran at 91.9% versus 89.3% just a week ago. Total domestic crude storage now stands at 447.1 mil/bbls (ex-SPR) an increase of approximately +8.2 mil/bbl over the past five weeks while Gasoline stocks have increased by +9.3 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by 4.9 million barrels last week.

Natural Gas Futures for January 2020 settled down $0.102 @ $2.232/mmbtu trading in a .093 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that natural gas storage decreased by -19 bcf for the week ending November 29th, on the higher side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.591 tcf. The 3.591 tcf represents a growing surplus, now standing at +19.7% or +591 bcf versus the year over year average, while the deficit versus the five year average now standing at -0.3% or -9 bcf .