Daily Energy Report

Crude Oil Futures for January 2020 settled down $0.81 @ $57.77/bbl trading in a $1.24 range including the overnight-RBOB settled down 3.01/cpg and Heating Oil settled down 1.53/cpg. Wednesday morning’s weekly Department of Energy domestic Crude Oil storage data showed an increase of +1.4 mil/bbl. for the week ending November 15th. Gasoline inventories increased by +1.8 mil/bbl and Distillates were down for the time frame by -1.0 mil/bbl., domestic refiners ran at 89.5% versus 87.8% just a week ago. Total domestic crude storage now stands at 450.0 mil/bbls (ex-SPR) an increase of approximately +15.5 mil/bbl over the past five weeks while gasoline stocks are down -5.4 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -5.0 mil/bbl. last week.

Natural Gas Futures for December 2019 settled up $0.098 @ $2.665/mmbtu trading in a .118 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 -94 bcf for the week ending November 15th, on the highest side of estimates-however within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.638 tcf. The 3.638 tcf represents a surplus, now standing at +16.2% or +506 bcf versus the year over year average, while a deficit versus the five year average has returned, now standing at -1.6%% or -60 bcf .