Daily Energy Report

Crude Oil Futures for October settled down $0.53 @ $53.64/bbl trading in a $2.30 range including the overnight-RBOB settled down 2.63and Heating Oil settled down 2.32/cpg.

Wednesday morning’s weekly Department of Energy Crude Oil storage data showed a decrease of -2.7 mil/bbl. for the week ending August 16th. Gasoline inventories were up by +300K/bbl and Distillates were also up for the time frame by +2.6 mil/bbl., domestic refiners ran at 95.9% versus 94.8% just a week ago. Total domestic crude storage now stands at 437.7 mil/bbls (ex-SPR) down approximately -18.1 mil/bbl over the past five weeks while gasoline stocks are up +1.3 mil/bbls. over the same time frame.

According to weekly data, total commercial petroleum inventories increased last week by +4.0 mil/bbl. last week.

Natural Gas Futures for September settled up $0.078 @ $2.230/mmbtu trading in a .081 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 +59 bcf for the week ending August 16th, on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 2.797 tcf. The 2.797 tcf represents a growing surplus, now standing at +15.2% or +369 bcf versus the year over year average, while a deficit of -3.6% or -103 bcf remains versus the five year average.