Daily Energy Report

 

Crude Oil Futures for February 2020 settled up $1.87 @ $63.05/bbl trading in a $2.96 range including the overnight-RBOB settled up 4.46/cpg and Heating Oil settled up 3.73/cpg.

The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -7.8 million barrels for the week ended December 27th. The weekly API data also showed a storage increase of +2.8 mil/bbl for Distillates and modest -800K/bbl draw for Gasoline. The Energy Information Administration weekly petroleum storage report released early Friday morning ( to accommodate for Holiday) showed that domestic crude supplies decreased by -11.5 million barrels for the week ended December 27th. The weekly EIA data also showed a storage increase of +3.2 mil/bbl for Gasoline and a build of +8.8 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -2.9 million barrels last week.

Natural Gas Futures for February 2020 settled up $0.008 @ $2.130/mmbtu trading in a .080 cent range including the overnight session.

European imports of liquefied natural gas have been steadily increasing since October 2018 and reached a new monthly record of 12.7 billion cubic feet per day in November 2019, according to the Energy Information Administration estimates and based on industry leading tracking data. This monthly record implies a 51% utilization of Europe-wide regasification capacity including Turkey. From January through November 2019, LNG imports into Europe averaged 11 bcf/d-the highest level for European LNG imports, surpassing the previous record of 8 bcf/d (annual average) set in 2011. This morning’s EIA natural gas storage data showed a draw of -58 bcf for the week.

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