Daily Energy Report

Crude Oil Futures for October settled up $0.85 @ $55.78/bbl trading in a $1.41 range including the overnight-RBOB settled up 3.25/cpg and Heating Oil settled up 3.51/cpg.

The American Petroleum Institute’s weekly storage data released late Tuesday afternoon showed that domestic crude supplies decreased by -11.1 million barrels for the week ended August 23rd. The weekly API data also showed storage declines of -349K/bbl for Gasoline and -2.5 mil/bbl for Distillates. The Department of Energy weekly storage data released early Wednesday morning showed that domestic crude supplies decreased b y -10.0 million barrels for the week ended August 23rd. The weekly DOE data also showed storage declines of -2.1mil/bbl for Gasoline and -2.1 mil/bbl for Distillates.

Natural Gas Futures for September settled up $0.049 @ $2.251/mmbtu trading in a .082 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 + 58 and +63 bcf for the week ended August 23rd.That compares with an increase of +59 bcf in the preceding week, a build of +69 bcf a year earlier and a five year average injection of +64.4 bcf. Updated weather forecasts show mostly normal temperatures along both Coastal regions of the lower forty-eight, while a cooler than average plunge of cooler are decends from Canada and encompasses the Great Lakes region over the next six to ten day time frame.

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