Daily Energy Report

Crude Oil Futures for December 2019 settled up $0.09 @ $57.24/bbl trading in a $1.72 range including the overnight-RBOB settled down 0.18/cpg and Heating Oil settled down 0.22/cpg. Wednesday morning’s weekly Department of Energy domestic Crude Oil storage data showed a surprise increase of +7.9 mil/bbl. for the week ending November 1st. Gasoline inventories were down by -2.8 mil/bbl and Distillates were also down for the time frame by -600K/bbl., domestic refiners ran at 86.0% versus 87.7% just a week ago. Total domestic crude storage now stands at 446.7 mil/bbls (ex-SPR) a staggering increase of approximately +24.1 mil/bbl over the past five weeks while gasoline stocks are down -12.7 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +3.9 million barrels last week.

Natural Gas Futures for December 2019 settled up $0.017 @ $2.789/mmbtu trading in a .067 cent range including the overnight session. The Energy Information Administration’s weekly Natural Gas storage report released early Thursday morning showed that natural gas storage increased by +34 bcf for the week ending November 1st, on the lowest side of estimates and a surprise to the majority of analysts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.729 tcf. The 3.729 tcf represents a surplus, now standing at +16.6% or +530 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 +0.8% or 29 bcf .