Daily Energy Report

Crude Oil Futures for December 2020 settled up $2.02 @ $56.20/bbl trading in a $2.26 range including the overnight-RBOB settled up 6.11/cpg and Heating Oil settled down 5.73/cpg. Wednesday morning’s weekly Department of Energy domestic Crude Oil storage data showed a surprise increase of +5.7 mil/bbl. for the week ending October 25th. Gasoline inventories were down by -3.0 mil/bbl and Distillates were also down for the time frame by -1.0 mil/bbl., domestic refiners ran at 87.7% versus 85.2% just a week ago. Total domestic crude storage now stands at 438.8 mil/bbls (ex-SPR) a staggering increase of approximately +19.3 mil/bbl over the past five weeks while gasoline stocks are down -10.1 mil/bbls. over the same time frame. According to the weekly data, Total commercial petroleum inventories decreased last week by 2.2 million barrels last week.

Natural Gas Futures for December settled up $0.081 @ $2.714/mmbtu trading in a .143 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that natural gas storage increased by +89 bcf for the week ending October 25th, within the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.695 tcf. The 3.695 tcf represents a growing surplus, now standing at +17.8% or +559 bcf versus the year over year average, while the deficit versus the five year average has diminished and turned, now standing at a surplus of +1.4% or 52 bcf .

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