Daily Energy Report

Crude Oil Futures for January 2021 settled up $0.74 @ $49.10/bbl, trading in a $1.18 range including the overnight. RBOB settled up 0.75/cpg and Heating Oil settled up 1.78/cpg.

The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +1.9 million barrels for the week ended December 11. The weekly API data also showed storage increases of +828 k/bbl for Gasoline and +4.7 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -3.1 million barrels for the week ended December 11th. The weekly EIA data also showed a storage increases of +1.0 mil/bbl for Gasoline and +200 k/bbl for Distillates. Total commercial petroleum inventories decreased last week by -6.2 million barrels last week.

Natural Gas Futures for January 2021 settled up $0.064 @ $2.700/mmbtu, trading in a .072 cent range, including the overnight session.

U.S. LNG exports to China have increased this year but remain well below the levels outlined in a phase one trade deal signed in January by the two countries to try to improve trade relations. Since U.S. LNG exports to China resumed in March the country has imported, or is scheduled to import, a combined 49 domestic cargoes with a total volume of 7.92 million cubic meters, equivalent to about 168 Bcf of natural gas, according to leading market data. That compares with two U.S. LNG deliveries to China in 2019 with a combined volume equivalent to 6.9 Bcf and 26 exports in 2018, equivalent to about 90.5 Bcf, according to the U.S. Department of Energy. Thursday morning’s weekly storage data showed a draw of -130 bcf for the week.