Daily Energy Report
Crude Oil Futures for January 2021settled up $0.73 @ $45.28/bbl, trading in a $2.00 range including the overnight. RBOB settled up 1.95/cpg and Heating Oil settled up 1.89/cpg.
The American Petroleum Institute’s weekly crude oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +4.1 million barrels for the week ended November 27. The weekly API data also showed storage increases of +3.4 mil/bbl for Gasoline and +334K/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -700,000 barrels for the week ended November 27. The weekly EIA data also showed a storage increase of +3.5 mil/bbl for Gasoline and a build of +3.2 mil/bbl for Distillates.
Natural Gas Futures for January 2021 settled down $0.100 @ $2.780/mmbtu, trading in a .191 cent range, including the overnight session.
Preliminary expectations for this Thursday’s weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -5 to -12 bcf, for the week ended November 27. That compares with a withdrawal of -18 bcf in the preceding week, a draw of -19 bcf a year earlier and a five-year average pull of -43.6 bcf. Updated weather forecasts show continuing colder than normal temperatures for the deep Southeast and Florida, while the upper tier of states looks to experience above to well-above-normal temps from Washington towards the Great Lakes.Back