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. The United States will lead as it pertains to oil supply growth over the next six years, thanks to the incredible strength of its shale industry thus prompting a rapid transformation of global energy markets. By calendar 2024, the United States will export more oil than Russia and will close in on Saudi Arabias’ totals-a pivotal milestone that will bring greater diversity of supply in markets. “These are times of extraordinary change for the oil industry. “Everywhere we look, new actors are emerging and certainties of past years are fading”, said Fatih Birol, Executive Director, IEA.
Natural Gas Futures for December settled up $0.107 @ $2.821/mmbtu trading in a .061 cent range including the overnight session. Energean Oil and Gas PLC-a Greek gas producer focused on the Mediterranean-said Monday that its appraisal of the Karish North discovery offshore Israel has revealed an additional 0.9 trillion cubic feet (tcf) of recoverable natural gas resources as well as an addition of 34 million barrels of light oil or condensate. The appraisal “significantly” increases the resource volumes discovered by Energean at the Karish and Tanin leases off the Israeli coast. “This is an excellent result from the Karish North appraisal”, said Mathios Rigas, chief executive of Energean.