Daily Energy Report
Crude Oil Futures for December 2020 settled down $0.33 @ $41.12/bbl trading in a $1.32 range, including the overnight. RBOB settled down 1.25/cpg, and Heating Oil settled down 1.88/cpg.
The American Petroleum Institute’s weekly crude oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -5.1 million barrels for the week ended November 6. The weekly API data also showed storage decreases of -3.3 mil/bbl for Gasoline and of -5.6 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Thursday morning (to accommodate for the Holiday) showed that domestic crude supplies increased by +4.3 million barrels for the week ended November 6. The weekly data also showed a storage decreases of -2.3 mil/bbl for Gasoline and of -5.4 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -11.5 million barrels last week.
Natural Gas Futures for December 2020 settled down $0.055 @ $2.976/mmbtu trading in a .114 cent range including the overnight session.
Sanctions that could hinder the completion of Moscow’s prized Nord Stream 2 natural gas pipeline have been included in the annual U.S. defense policy bill, two congressional aides said Wednesday. The sanctions in the compromise National Defense Authorization Act between lawmakers in the House and Senate would penalize companies facilitating the construction of the pipeline, including ships helping operations to lay pipelines or moving rock formations. The sanctions also target companies providing insurance or secondary insurance for its construction and certification for the pipeline in Denmark.Back