Daily Energy Report

Crude Oil Futures for January 2021settled down $0.08 @ $45.52/bbl, trading in a $1.29 range, including the overnight. RBOB settled up 2.00/cpg and Heating Oil settled down 0.78/cpg.

The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +1.1 million barrels for the week ended December 4. The weekly API data also showed storage increases
of +6.4 mil/bbl for Gasoline and +2.3 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +15.2 million barrels for the week ended December 4. The weekly EIA data also showed a storage increase of +4.2mil/bbl for Gasoline and a buid of +5.2 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +19.9 million barrels last week.

Natural Gas Futures for January 2021 settled up $0.043 @ $2.442/mmbtu, trading in a .097 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 -70 and -80 bcf for the week ended December 4.That compares with a withdrawal of -1 bcf in the preceding week, a draw of -73 bcf a year earlier and a five year average pull of -53.2 bcf. Updated weather forecasts show seasonal temperatures to prevail for the Southern tier of states, while from the Northwest regions to New England look to experience somewhat seasonally warmer temps over the next six to 10 days.

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