Daily Energy Report

Crude Oil Futures for January 2020 settled down $0.48 @ $58.76/bbl trading in a $1.11 range including the overnight-RBOB settled down 2.64/cpg and Heating Oil settled down 3.67/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by 1.4 million barrels for the week ended December 6th. The weekly API data also showed storage increases of +4.9 mil/bbl for Gasoline and +3.2/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +800,000 barrels for the week ended December 6th. The weekly EIA data also showed a storage increases of +5.4 mil/bbl for Gasoline and +4.1 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +17.2 million barrels last week.

Natural Gas Futures for January 2020 settled down $0.021 @ $2.470/mmbtu trading in a .063 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 -72 and -80 bcf for the week ended December 6th.That compares with a withdrawal of -19 bcf in the preceding week, a draw of -77 bcf a year earlier and a five year average pull of -84.0 bcf. Updated weather forecasts show mostly normal temperatures to prevail for a majority of the lower forty-eight with a pocket of below average temps for the inner Mountain West region and maybe somewhat above average for the Southern half of Florida.

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