Daily Energy Report
Crude Oil Futures for November settled down $0.78 @ $52.81/bbl trading in a $1.40 range including the overnight-RBOB settled up 0.12/cpg and Heating Oil settled down 0.51/cpg. NYMEX traded WTI Crude Oil prices continued their plunge into early Tuesday trading (in excess of -2.2% or $1.20/bbl. @ $52.39) after heavy losses were sustained in the previous session following two consecutive days of weak Chinese data and as investors continue to show concern over prospects for a U.S.-China trade deal despite signs of a truce last week. The National Bureau of Statistics reported on Tuesday that China’s factory gate prices declined at the fastest pace in more than three years in September. That followed customs data on Monday that showed Chinese imports had contracted for a fifth straight month.
Natural Gas Futures for November settled up $0.059 @ $2.339/mmbtu trading in a .082 cent range including the overnight session. The U.S. Energy Information Administration currently is forecasting that average household expenditures for all major home heating fuels will decrease this winter compared with last. This forecast largely reflects warmer expected winter temperatures compared with last winter. Decreases vary by fuel and region, with average U.S. propane expenditures forecast to fall by -15.0%, home heating oil expenditures by -4.0%, natural gas expenditures by -1.0%, and electricity expenditures by -1.0%.In contrast to the national average, the EIA forecasts that expenditures will increase for homes that heat with natural gas in the Midwest and Southern regions asa result of higher retail prices