Daily Energy Report

Crude Oil Futures for December 2019 settled up $0.32 @ $57.12/bbl trading in a $1.33 range including the overnight-RBOB settled up 1.49/cpg and Heating Oil settled up 2.21/cpg. NYMEX traded WTI futures continue to struggle and maintain recent gains as prospects for a trade deal between the United States and China continue to fade, weighing on the outlook for the global economy. President Trump said on Tuesday the two countries were close to finalizing a deal but he fell short of providing a date or venue for the signing ceremony. The Secretary General of OPEC+ Mohammad Barkindo, said he was still confident the United States and China would reach a trade deal. “It will almost remove that dark cloud that had engulfed the global economy,” he said, adding that it was too early to discuss output policy of OPEC’s December meeting.

Natural Gas Futures for December 2019 settled down $0.021 @ $2.600/mmbtu trading in a .078 cent range including the overnight session. Preliminary expectations for this Thursday mornings weekly Energy Information Administration Natural Gas storage report calls for a increase/decrease of between -5 and +5 bcf for the week ended November 8th.That compares with an injection of +34 bcf in the preceding week, a build of +39 bcf a year earlier and a five year average increase of +29 bcf. Updated weather forecasts show a border-to-border warming ridge encroaching from the west and moving east-covering two-thirds of the lower forty-eight, while the eastern third-including the Ohio Valley and reaching towards the Tex-Louisiana border-temperatures remain somewhat below average over the next six to ten day time frame.