Daily Energy Report

Crude Oil Futures for January 2020 settled down $0.74 @ $60.44/bbl trading in a $1.18 range including the overnight-RBOB settled down 0.10/cpg and Heating Oil settled down 0.77/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -1.1 mil/bbl. for the week ending December 13th. The report showed that Gasoline inventories increased by +2.5 mil/bbl and Distillates were also up for the time frame by +1.5 mil/bbl., domestic refiners ran at 90.6%-remaining unchanged versus just a week ago. Total domestic crude storage now stands at 446.8 mil/bbls (ex-SPR) a decrease of approximately -2.2 mil/bbl over the past five weeks while gasoline stocks are up +18.2 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -900K/bbl.

Natural Gas Futures for January 2020 settled up $0.055 @ $2.328/mmbtu trading in a .066 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that natural gas storage decreased by -107 billion cubic feet for the week ending December 13th, on the highest side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.411 tcf. The 3.411 tcf represents a growing surplus, now standing at +22.1% or +618 bcf versus the year over year average, while the deficit versus the five year average diminished somewhat, now standing at a -0.3% or 9 bcf deficit.