Daily Energy Report

Crude Oil Futures for December 2019 settled up $0.43 @ $56.66/bbl trading in a $1.12 range including the overnight-RBOB settled up 0.98/cpg and Heating Oil settled down 0.67/cpg. Wednesday morning’s weekly Department of Energy domestic Crude Oil storage data showed a surprise decrease of -1.7 mil/bbl. for the week ending October 18th. Gasoline inventories were down by -3.1 mil/bbl and Distillates were also down for the time frame by -2.7 mil/bbl., domestic refiners ran at 85.2% versus 83.1% just a week ago. Total domestic crude storage now stands at 433.1 mil/bbls (ex-SPR) a staggering increase of approximately +16.0 mil/bbl over the past five weeks while gasoline stocks are down -6.6 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by 9.0 mil/bbl. last week.

Natural Gas Futures for November settled down $0.016 @ $2.300/mmbtu trading in a .063 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that natural gas storage increased by +87 bcf for the week ending October 18th, on the lower side of estimatesbut certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.606 tcf. The 3.606 tcf represents a growing surplus, now standing at +16.8% or +519 bcf versus the year over year average, while the deficit versus the five year average has diminished and turned, now standing at a surplus of +0.8% or 28 bcf .