Daily Energy Report

Crude Oil Futures for November settled up $0.36 @ $52.81/bbl trading in a $1.31 range including the overnight-RBOB settled up 1.75/cpg and Heating Oil settled up 1.85/cpg. Wednesday morning’s weekly Department of Energy Crude Oil storage data showed a surprise increase of +3.1 mil/bbl. for the week ending September 27th. Gasoline inventories were down by -200K/bbl and Distillates were also down for the time frame by -2.4 mil/bbl., domestic refiners ran at 86.4% versus 89.8% just a week ago. Total domestic crude storage now stands at 422.6 mil/bbls (ex-SPR) down approximately -5.1 mil/bbl over the past five weeks while gasoline stocks are down -2.0 mil/bbls. over the same time frame. Total commercial petroleum inventories decreased last week by 0.9 million barrels last week.

Natural Gas Futures for November settled up $0.082 @ $2.329/mmbtu trading in a .135 cent range including the overnight session. The Energy Information Administration’s weekly Natural Gas storage report released early Thursday morning showed that natural gas storage increased by +112 bcf for the week ending September 27th, on the higher side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.317 tcf. The 3.317 tcf represents an increasing surplus of +16.3% or +465 bcf versus the year over year average, while a dwindling deficit of now just -0.5% or -18 bcf remains versus the five year average.