Daily Energy Report
Crude Oil Futures for December 2020 settled up $0.09 @ $41.45/bbl trading in a $1.74 range including the overnight. RBOB settled down 1.82/cpg and Heating Oil settled down 0.67/cpg.
Extra United Arab Emirates cuts boost OPEC+ compliance to 100.2% for October, just as OPEC looks to make the cuts of 7.7 million barrels per day into 2021, as we may find ourselves in an oversupplied market, pressuring the price of oil even further, although gains have been made over the past 24 hours as a result of bullish news on a vaccine. Advisors note that Libya was partly responsible for the recent increased output, as it ramped up production after an eight-month blockade, however they are not held to current quotas as they look to rebuild following civil unrest and war in the country.
Natural Gas Futures for December 2020 settled up $0.082 @ $3.031/mmbtu trading in a .146 cent range including the overnight session.
Preliminary expectations for this Thursday morning weekly Energy Information Administration Natural Gas storage report calls for a decrease/increase of between -5 and +5 bcf for the week ended November 6th.That compares with an withdrawal of -36 bcf in the preceding week, a build of +3 bcf a year earlier and a five-year average addition of +33.0 bcf. Updated weather forecasts show the majority of the lower forty eight to experience mild conditions from coast to coast with parts of the Midwest to experience somewhat above normal temperatures over the next six- to 10-day time frame.