Daily Energy Report
Crude Oil Futures for January 2020 settled up $0.24 @ $58.01/bbl trading in a $0.94 range including the overnight-RBOB settled up 0.05/cpg and Heating Oil settled up 1.49/cpg. According to the Energy Information Administration weekly data, domestic refineries have reduced their total crude oil processing so far in 2019 as demand for oil products both in America and abroad has weakened. Year to date, refiners’ crude processing has declined for the first time since the 2008-2009. Current data indicates, for the week to November 15, the utilization rate at domestic refineries stood at 89.5%. This compares with utilization of 92.7% for the same week last year and with 91.3% for the week ending in November 2017. The cumulative daily average input has been 16.593 mil/bpd so far this year, down from last year’s cumulative daily average 16.908 mil/bpd.
Natural Gas Futures for December settled down $0.134 @ $2.531/mmbtu trading in a .199 cent range including the overnight session. According to NatGasWeather for week of November 22 – 28, one weather system will track along the Northern tier of states today, while a second system tracks towards Texas and the South. However, these systems are not expected to bring much in the way of added demand since they are only slightly cooler for this time of year with highs of upper 30s to low 50s. The majority of the lower forty-eight will be mild with highs of 50s to 70s. The Texas system will track towards the East-Central and Eastern U.S. by Saturday. High pressure will bring warmer conditions over the eastern half of the country early next week as cold air pours into the West.Back