Daily Energy Report
Crude Oil Futures for October settled up $0.93 @ $56.71/bbl trading in a $1.46 range including the overnight-RBOB settled up 0.23/cpg and Heating Oil settled up 1.30/cpg.
According to Energy Information Administration data, last week saw crude stocks at the Cushing, Oklahoma fall by -1.98 million barrels to their lowest since December at 40.4 mil/bbl. Also domestic production rose 200,000 bpd to a new weekly record at 12.5 mil/bpd. Net U.S. crude imports fell week over week by 1.51 million barrels per day to 2.9 million bpd, while imports on the Gulf Coast region dropped by 387,000 bpd last week to their lowest on record at 1.2 million bpd, based on EIA data going back to 1990.
Natural Gas Futures for October settled up $0.074 @ $2.296/mmbtu trading in a .092 cent range including the overnight session. Natural gas spot prices at Waha in west Texas closed at $1.550/mmbtu on August 15, the highest price since March 2019. This price increase coincides with the 2 billion cubic feet per day Gulf Coast Express Pipeline (GCX) preparing to enter service. GCX will provide much needed additional natural gas take away pipeline capacity in the Permian region of western Texas and southeastern New Mexico. Thursday morning’s weekly Energy Information Administration natural gas storage data conveyed an increase of 60 bcf for the week