Daily Energy Report
Crude Oil Futures for February 2020 settled up $0.57 @ $62.70/bbl trading in a $1.04 range including the overnight-RBOB settled up down 3.22/cpg and Heating Oil settled down 0.15/cpg. Global Crude Oil prices rose again during Monday trade but lost a majority of their two-day gains as investors took to heart the fact that there still has not been any kind of supply disruption or retaliation despite escalating Mideast tensions after the U.S. assassinated Iran’s most powerful general. ICE traded Brent futures briefly topped $70.00 a barrel in London as the U.S. State Department warned of “heightened risk” of missile attacks near energy facilities in Saudi Arabia. But three days after an American airstrike killed Qassem Soleimani, oil supplies are still flowing from the Persian Gulf.
Natural Gas Futures for February 2020 settled up $0.067 @ $2.162/mmbtu trading in a .076 cent range including the overnight session. For the 30th consecutive month, October 2019 dry natural gas production increased year to year for the month. The preliminary level for dry natural gas production for October 2019 was 2,952 billion cubic feet or 95.2 bcf/d. This level was +8.2 bcf/d or +9.4% higher than the October 2018 level of 87.0 bcf/d. The average daily rate of dry production was the highest for any month since the Energy Information Administration began tracking monthly dry production data in 1997. The estimated natural gas consumption in October 2019 was 2,327 bcf, or 75.1 bcf/d.Back