Daily Energy Report

Crude Oil Futures for December 2019 settled down $0.35 @ $56.77/bbl trading in a $1.16 range including the overnight-RBOB settled down 2.07/cpg and Heating Oil settled up 0.54/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Wednesday afternoon (to accommodate for Holiday) showed that domestic crude supplies decreased by -500,000 barrels for the week ended November 8th. The weekly API data also showed storage increases of +2.3mil/bbl for Gasoline and +900K/bbl for Distillates. The Department of Energy weekly petroleum storage report released early Thursday morning (to accommodate for Holiday) showed that domestic crude supplies increased by +2.2 million barrels for the week ended November 8th. The weekly DOE data also showed a storage increase of +1.9mil/bbl for Gasoline and a draw -2.5 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by 5.9 million barrels last week.

Natural Gas Futures for December settled up $0.047 @ $2.647/mmbtu trading in a .071 cent range including the overnight session. After last week’s demand surge of nearly +8.0%, NYMEX traded Henry Hub Natural Gas futures continued their tumble from recent highs this week (down -5.3% on Monday alone, down in excess of -11.3% or -0.335/mmbtu over the last six sessions) following updated weekend weather reports from NOAA depicting the U.S. forecast to be warmer than normal over the next 8-14 days. Currently most of the midwest is covered with frigid temperatures, but expectations are for a warming trend that will likely reduce demand during the next 10 day period. Thursday mornings weekly Energy Information Administration storage report show a build of +3 bcf for the week.

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