Daily Energy Report
Crude Oil Futures for September settled up $0.43 @ $54.93/bbl trading in a $1.64 range including the overnight-RBOB settled down .88. and Heating Oil settled down .22/cpg.
Last Wednesday morning’s weekly Department of Energy Crude Oil storage data showed a surprise increase of +2.4 mil/bbl. for the week ending August 2nd. Gasoline inventories were up by +4.4 mil/bbl and Distillates were also up for the time frame by +1.5 mil/bbl., domestic refiners ran at 96.4% versus 93.0% just a week ago. Total domestic crude storage now stands at 438.9 mil/bbls (ex-SPR) down approximately -29.5 mil/bbl over the past five weeks while gasoline stocks are up +4.5 mil/bbls. over the same time frame.
Natural Gas Futures for September settled down $0.014 @ $2.105/mmbtu trading in a .062 cent range including the overnight session.
The Energy Information Administration’s weekly Natural Gas storage report early last Thursday morning showed that natural gas storage increased by + 55 bcf for the week ending August 2nd, on the lower side of estimatesbut certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 2.689 tcf. The 2.689 tcf represents a growing surplus of +14.6% or +343 bcf versus the year over year average, while a dwindling deficit of -4.0% or -111 bcf remains versus the five year average.Back