Daily Energy Report
Crude Oil Futures for December 2019 settled down $0.85 @ $55.81/bbl trading in a $1.34 range including the overnight-RBOB settled down 0.02/cpg and Heating Oil settled down 1.78/cpg. Global Crude Oil prices dipped at the onset of trading Sunday evening as economic data released by China reinforced signs that its economy is continuing to slow-though the recent progress in the trade talks has somewhat supported prices. According to the data, profits for Chinese industrial companies fell for the second straight month in September as producer prices continued their s lide, highlighting the impact of the slowing economy and protracted U.S. trade war on corporate balance sheets. However, market participants remain optimistic after the U.S. Trade Representative’s office said on Friday that the two countries were “close to finalizing” some parts of a trade agreement.
Natural Gas Futures for November settled up $0.146 @ $2.446/mmbtu trading in a .122 cent range including the overnight session. According to leading weather resources, for October 25th to November 1st time frame, a strong weather system and cold shot will track through Texas and the South with areas of rain and mild to chilly conditions. With lows in the 20s behind the cold front, national demand will be strong the next couple of days. This system will then track into the east-central US by Saturday, followed by warmer break Sunday through Tuesday. At the same time, a strong cold shot will arrive into the Rockies & Plains with lows of 10s to 20s increasing demand. This frigid early season cold shot will spread across much of the country by mid-next week with colder than normal conditions, arriving into the East last.Back