Daily Energy Report

Crude Oil Futures for December 2020 settled down $0.99 @ $40.13/bbl trading in a $0.84 range, including the overnight. RBOB settled down 3.17/cpg and Heating Oil settled down 2.91/cpg.

Thursday morning’s (delayed to accommodate for Holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +4.3 mil/bbl. for the week ending November 6th. Gasoline inventories were down by -2.3 mil/bbl and Distillates were also down for the time frame by -5.4 mil/bbl., domestic refiners ran at 74.5% versus 75.3% just a week ago. Total domestic crude storage now stands at 488.7 mil/bbls (ex-SPR) a decrease of approximately -4.1 mil/bbl over the past five weeks while Gasoline stocks are down -1.2 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -11.5 mil/bbl. last week.

Natural Gas Futures for December 2020 settled up $0.019 @ $2.995/mmbtu trading in a .138 cent range, including the overnight session.

The Energy Information Administration’s weekly domestic Natural Gas storage report released early Friday morning (to accommodate for Holiday) showed that Natural Gas storage increased by +8 bcf for the week ending November 6th, 2020 on the higher side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.927 tcf. The 3.927 tcf represents a surplus, now standing at +5.3% or +196 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +4.7% or +176 bcf.

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