Daily Energy Report
Crude Oil Futures for December 2019 settled up $1.90 @ $57.11/bbl trading in a $2.49 range including the overnight-RBOB settled up 5.26/cpg and Heating Oil settled up 3.47/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +6.0 million barrels for the week ended November 15th. The weekly data also showed a storage increase of +3.4 mil/bbl for Gasoline and a draw of -2.2 mil/bbl for Distillates. The Department of Energy weekly petroleum storage report released early Wednesday morning showed that domestic crude suppliesincreased by +1.4 million barrels for the week ended November 15th. The weekly data also showed a storage increase of +1.8 mil/bbl for Gasoline and a draw -1.0 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -5.0 million barrels last week.
Natural Gas Futures for December settled up $0.049 @ $2.559/mmbtu trading in a .076 cent range including the overnight session. Preliminary expectations for this Thursday mornings weekly Energy Information Administration Natural Gas storage report calls for the first seasonal draw from storage of between -85 and -90 bcf for the week ended November 15th.That compares with an increase of +3 bcf in the preceding week, a draw of -134 bcf a year earlier and a five year average withdrawal of -38.0 bcf. Updated weather forecasts show cooler than average temps for the Mountain West region while mostly normal temperatures persist along both Coastal regions of the lower forty-eight with some isolated above average temperatures for New England during the next six to ten day time frame.