Daily Energy Report
Crude Oil Futures for November settled up $0.54 @ $53.36/bbl trading in a $1.23 range including the overnight-RBOB settled up 0.12/cpg and Heating Oil settled down 0.326/cpg. The International Monetary Fund cited a broad deceleration across the world’s largest economies as it cut its growth forecast for 2019 to the lowest in more than a decade on Tuesday-and also lowered its current projections for calendar 2020. According to the panel, a projected slowdown for both China and the United States along with a much more subdued pace of global activity could very w ell materialize. To prevent such an outcome policies should decisively take aim at resolving current trade tensions, reinvigorating large scale multilateral cooperation and provide timely support to economic activity where needed.
Natural Gas Futures for November settled up $0.039 @ $2.303/mmbtu trading in a .107 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 + 105 and +112 bcf for the week ended October 11th.That compares with an increase of +98 bcf in the preceding week, a build of +81 bcf a year earlier and a five year average injection of +81.0 bcf. Updated weather forecasts show slightly above normal temperatures to prevail along both the East and West coast regions of the lower forty-eight, while a plunge of cooler than normal temperatures descends from Canada and encompasses the center of the nation over the nextsix to ten day time frame.