Daily Energy Report
Crude Oil Futures for January 2021 settled up $0.64 @ $43.06/bbl, trading in a $1.07 range, including the overnight. RBOB settled up 2.88/cpg and Heating Oil settled up 2.42/cpg.
India’s prime minister Narendra Modi has declared that the nation will be doubling its oil refining capacity during the next five years, accelerating its original plans and timeline for the country’s production capacity, even though the Coronavirus has wreaked havoc on the nation’s economy. Modi had said as recently as June that the country was looking to double output of refining products over a period of 10 years, but this has now been slashed in half to only five years to reach 500 million tonnes of refining capacity, up from the current 250 million tonnes at present.
Natural Gas Futures for December 2020 settled up $0.061 @ $2.711/mmbtu, trading in a .079 cent range, including the overnight session.
According to official data, China saw accelerated growth in its natural gas output last month. The country’s natural gas output rose +11.9% year-over-year to 16.3 billion cubic meters for October, accelerating from the +7.6% rise seen in September, data from the National Bureau of Statistics showed. Average daily production came in at 530 million cubic meters. In the first 10 months of 2020, the country’s natural gas production gained +9 % year-on-year to reach 153.4 billion cubic meters. The country’s natural gas imports last month also rose +15.5% year-on-year, to 7.53 million tonnes, according to the NBS.