Daily Energy Report

Crude Oil Futures for January 2020 settled up $0.01 @ $60.93/bbl trading in a $0.86 range including the overnight-RBOB settled down 0.19/cpg and Heating Oil settled down 1.31/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +4.7 million barrels for the week ended December 13th. The weekly API data also showed storage increases of +5.6 mil/bbl for Gasoline and +3.7 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased -1.1 million barrels for the week ended December 13th. The weekly EIA data also showed a storage increases of +2.5 mil/bbl for Gasoline and 1.5 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -900K barrels last week.

Natural Gas Futures for January 2020 settled down $0.033 @ $2.286/mmbtu trading in a .070 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 -98 and -106 bcf for the week ended December 13th.That compares with a withdrawal of 73 bcf in the preceding week, a draw of -141 bcf a year earlier and a five year average pull of -125.8 bcf. Updated weather forecasts show a continuation of above average temperatures for almost all of the lower forty-eight, with the heart of the nation to see well above average temps. Towards the end of the time frame (10 day) an encroachment of cooler more seasonal temperatures and conditions arrive from the west.