Daily Energy Report

Crude Oil Futures for January 2021 settled down $0.19 @ $45.34/bbl, trading in a $1.38 range, including the overnight. RBOB settled down 2.44/cpg and Heating Oil settled down 1.35/cpg.

Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a modest decrease of -800,000 barrels for the week ending November 20. Gasoline inventories were up by +2.2 mil/bbl and Distillates were down for the timeframe by 1.4 mil/bbl. Domestic refiners ran at 78.7% versus 77.4% just one week ago. Total domestic crude storage now stands at 488.7 mil/bbls (ex-SPR), an increase of approximately +610 k/bbl over the past five weeks, while Gasoline stocks are +3.1 mil/bbls over the same period. According to the weekly data, total commercial petroleum inventories decreased last week by -1.1 mil/bbl last week.

Natural Gas Futures for January 2021 settled up $0.039 @ $2.882/mmbtu, trading in a .173 cent range, including the overnight session.

The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Wednesday morning (to accommodate for the holiday) showed that Natural Gas storage decreased by -18 bcf for the week ending November 20, 2020, which is on the lower side of estimates but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.940 tcf. The 3.940 tcf represents a surplus, now standing at +8.9% or +322 bcf versus the year-over-year average, while the surplus versus the five-year average also continues, now standing at +6.8% or +250 bcf.