Daily Energy Report

Crude Oil Futures for December 2019 settled down $0.88 @ $56.35/bbl trading in a $1.74 range including the overnight-RBOB settled down 4.84/cpg and Heating Oil settled down 2.88/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by + 4.3 million barrels for the week ended November 1st. The weekly API data also showed storage declines of -4.2 mil/bbl for Gasoline and -1.6 mil/bbl for Distillates. The Department of Energy weekly petroleum storage report released early Wednesday morning showed that domestic crude suppliesincreased by +7.9 million barrels for the week ended November 1st. The weekly DOE data also showed storage declines of -2.8 mil/bbl for Gasoline and -600K/bbl for Distillates.

Natural Gas Futures for December settled down $0.034 @ $2.828/mmbtu trading in a .071 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 + 40 bcf and +45 bcf for the week ended November 1st.That compares with an increase of +89 bcf in the preceding week, a build of +65 bcf a year earlier and a five year average injection of +56.2 bcf. Updated weather forecasts show two very different stories. While the West-from Alaska to the deep Southwest region are looking to experience above to well above normal temperatures, the entire Eastern two-thirds of the nation, from border-to -border and even into Florida should experience below to well below average temperatures over the next six to ten day time frame.

Back