Daily Energy Report

Crude Oil Futures for November settled down $0.98 @ $52.64/bbl trading in a $2.25 range including the overnight-RBOB settled down 2.82/cpg and Heating Oil settled down 2.55/cpg. The American Petroleum Institute’s weekly storage data released late Tuesday afternoon showed that domestic crude supplies decreased by -5.9 million barrels for the week ended September 27th. The weekly API data also showed storage declines of -2.1 mil/bbl for Gasoline and -1.7 mil/bbl for Distillates. The Department of Energy weekly storage data released early Wednesday morning showed that domestic crude supplies increased by +3.1 million barrels for the week ended September 27th. The weekly DOE data also showed storage declines of -200K/bbl for Gasoline and -2.4 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by 0.9 million barrels last week.

Natural Gas Futures for November settled down $0.036 @ $2.247/mmbtu trading in a .059 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between + 105 and +112 bcf for the week ended September 27th.That compares with an increase of +102 bcf in the preceding week, a build of +91 bcf a year earlier and a five year average injection of +83.0 bcf. Updated weather forecasts show mostly normal temperatures to prevail across a majority of the lower forty -eight, with pockets of above average temps showing up particularly in the Four Corners region and Southern Florida.

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