Daily Energy Report

Crude Oil Futures for January 2020 settled up $0.73 @ $60.94/bbl trading in a $1.03 range including the overnight-RBOB settled up 2.30/cpg and Heating Oil settled up 2.89/cpg. In a tele-conference with the Joint Ministerial Monitoring Committee and Minister of Energy of the Kingdom of Saudi Arabia, Nigeria’s Minister of State for Petroleum Resources and head of its delegation to the OPEC Conference, Timipre Sylva recalled his assurance during the last meeting of the JMMC-held in September in Abu Dhabi- that Nigeria would within three months be one hundred percent compliant with the agreement that it had voluntarily entered in to. Noting that in fulfilment of that pledge Nigeria’s compliance level has witnessed tremendous progress month over month since last August, resulting in one hundred percent compliance in November 2019.

Natural Gas Futures for January 2020 settled down $0.022 @ $2.319/mmbtu trading in a .080 cent range including the overnight session. Israel’s Electricity Authority said on Sunday it had approved a compromise agreement on compensating Israel after Egypt cut off supplies of natural gas eight years ago-forcing Israel to scramble for substitute energy supplies. The compromise, which was originally agreed upon between Israel Electric Corporation and the Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company will be only a fraction of what IEC had originally sought. The utility had originally sought $2.4 billion, an international arbitration panel awarded it $1.76 billion and in the end Cairo bargained it down to just $500 million.