Daily Energy Report

Crude Oil Futures for November settled down $0.04 @ $52.59/bbl trading in a $1.46 range including the overnight-RBOB settled up 0.62/cpg and Heating Oil settled up 0.92/cpg. The American Petroleum Institute’s weekly Crude Oil storage data released late Tuesday afternoon showed that domestic crude supplies increased by + 4.3 million barrels for the week ended October 4th. The weekly API data also showed storage declines of -5.9 mil/bbl for Gasoline and -3.9 mil/bbl for Distillates. The Department of Energy weekly Crude Oil storage data released early Wednesday morning showed that domestic crude supplies increased by +2.9 million barrels for the week ended October 4th. The weekly DOE data also showed storage declines of -3.9 mil/bbl for Gasoline and -1.2 mil/bbl for Distillates.

Natural Gas Futures for November settled down $0.054 @ $2.234/mmbtu trading in a .077 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 + 98 bcf and +105 bcf for the week ended October 4th. That compares with an increase of +112 bcf in the preceding week, a build of +90 bcf a year earlier and a five year average injection of +91.8 bcf. Updated weather forecasts show that during the next six to ten day time frame an upper-level troughing will develop and linger over the northern U.S.-in particular the Great Lakes and the Northeast-giving way to a cold northern U.S. vs. a mild southern U.S.

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