Daily Energy Report
Crude Oil Futures for November settled up $0.57 @ $53.93/bbl trading in a $1.49 range including the overnight-RBOB settled down 0.23/cpg and Heating Oil settled up 0.55/cpg. The American Petroleum Institute’s weekly storage data released late Wednesday afternoon (to accommodate for Columbus Day) showed that domestic crude supplies increased by +10.5 million barrels for the week ended October 11th. The weekly API data also showed storage declines of -900K/bbl for Gasoline and -2.9 mil/bbl for Distillates. The Department of Energy weekly storage data released early Thursday morning (to accommodate for Columbus Day) showed that domestic crude supplies increased by +9.3 million barrels for the week ended October 11th. The weekly DOE data also showed storage declines of -2.6 mil/bbl for Gasoline and -3.8 mil/bbl for Distillates.
Natural Gas Futures for November settled up $0.015 @ $2.214/mmbtu trading in a .081 cent range including the overnight session. French energy giant Total SA is spending $600 million to expand its presence in one of the world’s fastest-growing natural gas markets. Total agreed to purchase a 37.4% stake in India’s Adani Gas Ltd., a distributor of the fuel that is currently developing import terminals and a national chain of vehicle-filling outlets. The deal gives the French company a footprint in a market where annual liquefied natural gas demand will hit 28 million tons by 2023, making it the fourth-biggest importer of the fuel. Thursday morning’s weekly Energy Information Administration natural gas storage report showed an increase of +104 bcf for the week.Back