Daily Energy Report

Crude Oil Futures for January 2020 settled up $2.33 @ $58.43/bbl trading in a $2.38 range including the overnight-RBOB settled up 4.13/cpg and Heating Oil settled up 4.30/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.7 million barrels for the week ended November 29th. The weekly API data also showed storage increases of +2.9 mil/bbl for Gasoline and +794K/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -4.9 million barrels for the week ended November 29th. The weekly EIA data also showed storage increases of +3.4 mil/bbl for Gasoline and +3.1 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by 4.9 million barrels last week.

Natural Gas Futures for January settled down $0.042 @ $2.399/mmbtu trading in a .095 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a withdrawal of between -10 and -15 bcf for the week ended November 29th.That compares with an decrease of -28 bcf in the preceding week, a draw of -63 bcf a year earlier and a five year average pull of -35.6 bcf. Updated weather forecasts show mostly normal temperatures along both Coastal regions of the lower forty-eight with some pockets of above average warmth, while a cooler than average plunge descends South and eastward over the Great Lakes out of Canada.

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