Daily Energy Report
Crude Oil Futures for January 2021 settled down $0.21 @ $46.57/bbl, trading in a $0.95 range including the overnight. RBOB settled down 0.89/cpg and Heating Oil settled up 0.12/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +15.2 million barrels for the week ending December 4. Gasoline inventories were up by +4.2 mil/bbl and Distillates were also up for the timeframe by +5.2 mil/bbl and domestic refiners ran at 79.9% versus 78.2% just a week ago. Total domestic crude storage now stands at 503.2 mil/bbls (ex-SPR), a staggering increase of approximately +18.8 mil/bbl over the past five weeks while Gasoline stocks are up +10.2 mil/bbls over the same timeframe. According to the weekly data, total commercial petroleum inventories increased last week by +19.9 mil/bbl.
Natural Gas Futures for January 2021 settled up $0.038 @ $2.591/mmbtu, trading in a .104 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 -91 bcf for the week ending December 4, on the highest side of estimates but certainly within a majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.848 tcf. The 3.848 tcf represents a surplus, now standing at +8.7% or +309 bcf versus the year-over-year average, while the surplus vs. the five-year average also continues, now standing at +7.2% or 260 bcf.