Daily Energy Report

Crude Oil Futures for February 2021 settled down $0.61 @ $47.62/bbl trading in a $1.46 range including the overnight. RBOB settled down 1.12/cpg and Heating Oil settled down 1.10/cpg.

Crude oil refinery inputs averaged 14.0 million barrels per day during the week ending December 18, which was -169,000 barrels per day less than the previous week’s average. Gasoline production increased last week, averaging 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.6 million barrels per day last week, up +140,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day or -12.9% less than the same four-week period last year. Total motor gasoline imports last week averaged 571,000 barrels per day, and distillate fuel imports averaged 444,000 barrels per day.

Natural Gas Futures for January 2021 settled down $0.213 @ $2.305/mmbtu trading in a $0.105 range including the overnight session.

The Energy Information Administration forecasts declines in U.S. natural gas production this winter compared with last winter will more than offset the declines in natural gas consumption, which will contribute to inventory withdrawals outpacing the five-year average during the remainder of the winter season that ends in March. Forecast natural gas inventories end March 2021 at 1.6 tcf, or -15.0% lower than the 2016–20 average. The EIA estimates that inventories fell by -20.0 billion cubic feet during November, compared with a five-year average November withdrawal of -103.0 bcf and a forecast withdrawal of -222 bcf in last month’s STEO.