Futures Daily Report
Crude Oil Futures for November settled down $0.15 @ $53.78/bbl trading in a $1.27 range including the overnight-RBOB settled up 0.05/cpg and Heating Oil settled down 0.10/cpg. Thursday morning’s (delayed for Columbus Day) weekly Department of Energy Crude Oil storage data showed a surprise increase of +9.3 mil/bbl. for the week ending October 11th. Gasoline inventories were down by -2.6 mil/bbl and Distillates were also down for the time frame by -3.8 mil/bbl. Total domestic crude oil storage now stands at 434.8 mil/bbls (ex-SPR) up an outstanding +18.8 mil/bbl over the past five weeks while gasoline stocks are down -2.8 mil/bbls. over the same time frame. According to the data, total commercial petroleum inventories decreased last week by 1.6 million barrels last week.
Natural Gas Futures for November settled up $0.002 @ $2.320/mmbtu trading in a .060 cent range including the overnight session. The Energy Information Administration’s weekly Natural Gas storage report released early Thursday morning showed that domestic natural gas storage increased by +104 bcf for the week ending October 11th, on the lower side of estimates-but certainly within the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.519 tcf. The 3.519 tcf represents an ever increasing surplus, now standing at +16.3% or +494 bcf versus the year over year average, while the deficit has now turned versus the five year average, showing a surplus of +0.4% or +14 bcf