Daily Energy Report

Crude Oil Futures for December 2020 settled up $0.41 @ $42.15/bbl trading in a $0.81 range, including the overnight. RBOB settled up 1.27/cpg, and Heating Oil settled up 1.56/cpg.

Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +800,000/bbl for the week ending November 13. Gasoline inventories were up by +2.6 mil/bbl, and Distillates were down for the time frame in excess of -5.1 mil/bbl. Domestic refiners ran at 77.4% versus 74.5% just a week ago. Total domestic crude storage now stands at 489.4 mil/bbls (ex-SPR), an increase of approximately +366/bbl over the past five weeks while Gasoline stocks have increased by +2.8 mil/bbls over the same timeframe. According to the weekly data, total commercial petroleum inventories decreased last week by -10.2 mil/bbl.

Natural Gas Futures for December 2020 settled up $0.058 @ $2.650/mmbtu, trading in a .099 cent range including the overnight session.

The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that Natural Gas storage increased by +31 bcf for the week ending November 13, 2020 on the highest side of estimates, but certainly within analysts’ forecasts. According to EIA statistics the current domestic natural gas storage total stands at 3.958 tcf. The 3.958 tcf represents a surplus, now standing at +8.0% or +293 bcf versus the year over year average, while the surplus versus the five year average also continues, now standing at +6.2% or +231 bcf.