Futures Daily Report

Crude Oil Futures for December 2020 settled up $0.78 @ $55.97/bbl trading in a $2.45 range including the overnight-RBOB settled up 4.30/cpg and Heating Oil settled up 2.06/cpg. The American Petroleum Institute’s weekly petroleum storage data released late Tuesday afternoon showed that domestic crude supplies increased by + 4.5 million barrels for the week ended October 18th. The weekly API data also showed storage declines of -700K/bbl for Gasoline and -3.5 mil/bbl for Distillates. The Department of Energy weekly petroleum storage data released early Wednesday morning showed that domestic crude supplies d ecreased by -1.7 million barrels for the week ended October 18th. The weekly DOE data also showed storage declines of -3.1 mil/bbl for Gasoline and -2.7 mil/bbl for Distillates.

Natural Gas Futures for November settled up $0.010 @ $2.282/mmbtu trading in a .054 cent range including the overnight session. Preliminary expectations for this Thursday mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +85 and +91 bcf for the week ended October 18th.That compares with an increase of +104 bcf in the preceding week, a build of +58 bcf a year earlier and a five year average injection of +74.6 bcf. Updated weather forecasts show mostly normal temperatures to prevail along the entire Eastern seaboard (Fla. To Ma.) while a colder weather pattern is expected to cover much of the country over the next 10 days or so with the worst of the cold focused over the Central and Interior West U.S.; a warming should commence after the first few days of November.

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