Futures Daily Report
Crude Oil Futures for November settled down $0.06 @ $52.75/bbl trading in a $1.47 range including the overnight-RBOB settled down 0.40/cpg and Heating Oil settled up 0.88/cpg. According to the Energy Information Administration’s data, total domestic crude oil imports averaged 6.3 million barrels per day last week, down by 87,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, -15.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 843,000 barrels per day, and distillate fuel imports averaged 50,000 barrels per day.
Natural Gas Futures for November settled down $0.049 @ $2.303/mmbtu trading in a .051 cent range including the overnight session. The U.S. Supreme Court on Friday agreed to hear an appeal by Dominion Energy and President Donald Trump’s administration of a lower court ruling that halted construction on a $7.5 billion natural gas pipeline due to run underneath a section of the Appalachian Trail in rural Virginia. The December 2018 ruling by the Richmond, Virginia based 4th U.S. Circuit Court of Appeals put a stop to construction of the 600-mile Atlantic Coast Pipeline, intended to run from West Virginia to North Carolina. Dominion Energy leads a consortium of companies in the project that also includes Duke Energy.