Daily Energy Report
Crude Oil Futures for January 2020 settled unchanged @ $58.43/bbl trading in a $1.02 range including the overnight-RBOB settled up 1.69/cpg and Heating Oil settled up 1.01/cpg. Worldwide energies rallied Wednesday with global and U.S. benchmark crude prices posting the largest gains since mid-September after weekly data showed the first decline in U.S. crude inventories in six weeks. Market participants also are awaiting on a key meeting of members of the Organization of the Petroleum Exporting Countries set for Thursday and a sepa rate gathering that includes large non-OPEC producers scheduled for Friday. Ahead of those meetings expectations are that producers will announce a decision to extend and deepen output cuts, however, there is also been talk that the Saudis have threatened to increase their own production because other members have failed to fully comply with current output reductions.
Natural Gas Futures for December settled up $0.028 @ $2.427/mmbtu trading in a .067 cent range including the overnight session. President Donald Trump is currently under pressure from two key senators to prevent completion of the Nord Stream 2 natural gas pipeline from Russia to Germany by sanctioning companies involved in the project. Senators Ted Cruz, a Texas Republican, and New Hampshire Democrat Jeanne Shaheen are pushing set forth a provision that would sanction companies involved in the construction of the pipeline in a defense spending bill that is viewed as a must-pass measure before Congress leaves Washington for the year.