Futures Daily Report

Crude Oil Futures for November settled down $1.84 @ $54.07/bbl trading in a $2.59 range including the overnight-RBOB settled down 4.00/cpg and Heating Oil settled down 3.88/cpg. Wednesday morning’s weekly Department of Energy Crude Oil storage data showed a surprise increase of +2.4 mil/bbl. for the week ending September 20th. Gasoline inventories increased by +500K/bbl and Distillates were down for the time frame by -3.0 mil/bbl., domestic refiners ran at 89.8% versus 91.2% just a week ago. Total domestic crude storage now stands at 419.5 mil/bbls (ex-SPR) down approximately -18.2 mil/bbl over the past five weeks while gasoline stocks are down -3.8 mil/bbls. over the same time frame. Total commercial petroleum inventories increased last week by 0.7 million barrels last week.

Natural Gas Futures for November settled down $0.074 @ $2.330/mmbtu trading in a .068 cent range including the overnight session. The Energy Information Administration’s weekly Natural Gas storage report release early Thursday morning showed that natural gas storage increased by+102 bcf for the week ending September 20th, six to eight bcf above the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.205 tcf. The 3.205 tcf represents a growing surplus of +16.1% or +444 bcf versus the year over year average, while a dwindling deficit of just -1.4% or -47 bcf remains versus the five year average.

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