Daily Energy Report
Crude Oil Futures for January 2020 settled up $0.40 @ $58.41/bbl trading in a $0.80 range including the overnight-RBOB settled up 2.99/cpg and Heating Oil settled up 1.63/cpg. NYMEX traded WTI crude oil futures edged higher on Monday and then again into Tuesday early morning trade as positive comment s from both the United States and China sparked positive hope for global markets that the world’s two largest economies could soon sign an interim deal to end their current trade war. According to market advisors, the momentum has been clearly lacking in the more recent rallies in crude, although the strong move higher late last week may give bulls some cause for optimism. Prices were also supported both days by strong equity markets as the S&P 500 and the Nasdaq indexes climbed to new record highs on Monday.
Natural Gas Futures for December settled down $0.008 @ $2.470/mmbtu trading in a .111 cent range including the overnight session. Preliminary expectations for this Wednesdays (to accommodate for Holiday) weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -37 and -42 bcf for the week ended November 22nd.That compares with a withdrawal of-94 bcf in the preceding week, a draw of -59 bcf a year earlier and a five year average pull of -59.0 bcf. Updated weather forecasts show continuing colder than normal temperatures for the Northern mid-west states, while in general, the lower forty-eight to experience somewhat below average conditions from coast to coast, with the exception of Southern most California, Southern Texas and extreme South Florida.