Daily Energy Report
Crude Oil Futures for February 2021 settled up $1.10 @ $48.12/bbl, trading in a $2.34 range including the overnight. RBOB settled up 4.25/cpg and Heating Oil settled up 3.59/cpg.
The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +2.7 million barrels for the week ended December 18th. The weekly API data also showed storage increases of +224 k/bbl for Gasoline and +1.03 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -600,000 barrels for the week ended December 18. The weekly EIA data also showed a storage decrease of -1.1 mil/bbl for Gasoline and a draw -2.3 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -10.7 million barrels last week.
Natural Gas Futures for January 2021 settled down $0.172 @ $2.608/mmbtu trading in a .227 cent range including the overnight session.
Preliminary expectations for this Thursday’s weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -150 and -160 bcf for the week ended December 18.That compares with a withdrawal of -122 bcf in the preceding week, a draw of -161 bcf a year earlier and a five-year average pull of -126.4 bcf. Updated weather forecasts show continuing seasonality for the lower 48, with small cooler variedness for both the Florida panhandle and Northwest regions over the next six to 10-day period.Back