Daily Energy Report

Crude Oil Futures for December 2019 settled up $0.34 @ $56.54/bbl trading in a $1.60 range including the overnight-RBOB settled up 0.80/cpg and Heating Oil settled up 0.74/cpg. Saudi Arabian Oil Company is set to add another superlative to its current list of accolades as ‘the world’s most valuable listed company’. The ever-expanding state owned oil giant announced on Sunday its intention to float its shares on the Riyadh stock market, saying the percentage of shares to be sold would be determined at the end of the book-building period. Sources have said Aramco could offer just 1.0%-2.0% of its shares on the local exchange, in an effort to raise as much as $20 billion-$40 billion.

Natural Gas Futures for December settled up $0.107 @ $2.821/mmbtu trading in a .061 cent range including the overnight session. Britain will move to impose an immediate moratorium on fracking, the government announced on Saturday, saying the controversial gas extraction technique risked causing ‘too much disruption to local communities’. The move could help garner support for Prime Minister Johnson’s Conservatives in regions in northern England where a majority of the fracking had been planned, but was dismissed by the opposition Labour party as a “stunt” ahead of December’s election. Proposals for developing fracking in several marginal seats in northern England will now be postponed.

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