Daily Energy Report

Crude Oil Futures for January 2020 settled up $0.29 @ $61.22/bbl trading in a $0.68 range including the overnight-RBOB settled up 2.30/cpg and Heating Oil settled up 0.92/cpg. Domestic crude oil imports averaged 6.6 million barrels per day last week, down by 308,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, about -15.1% less than the same four-week period on a year-over-year basis. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 519,000 barrels per day, and distillate fuel imports averaged 178,000 barrels per day. Crude oil inventories are about 4% above the five year average for this time of year. Total motor gasoline inventories are about +5.0% above the five year average for this time of year, while Distillate fuel inventories are about -7.0% below the five year average for this time of year.

Natural Gas Futures for January 2020 settled down $0.013 @ $2.273/mmbtu trading in a .070 cent range including the overnight session.

The U.S. Senate on Tuesday passed legislation to enact new sanctions on companies building a massive underwater pipeline to bring Russian natural gas to Germany-however, it is uncertain whether the measures could slow completion of this project. The Senate easily passed the U.S. defense policy bill with language backed by Senators Ted Cruz and Jeanne Shaheen imposing sanctions on companies involved with laying pipeline for the $11 billion Nord Stream 2 project. German Foreign Minister Heiko Mass has rejected U.S. sanctions as “foreign interference.” It now goes to the White House, where President Donald Trump is expected to sign it.