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Energy Prices Summary – Wednesday, November 6, 2019
Crude Oil (CLZ19): 56.35 (-.88)
Natural Gas (NGZ19): 2.828 (-.034)
NY ULSD (HOZ19): 1.9278 (-.0288)
Gasoline (RBZ19): 1.6262 (-.0484)
Oil prices fell as the EIA reported a weekly build in crude oil inventories of 7.9 million barrels, surpassing even the API reports from yesterday. Trading volume was average with just over a million futures contracts changing hands.
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.9 million barrels from the previous week. At 446.8 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. ” – EIA
The intraday chart shows that prices collapsed after the report and just stayed there. Despite the decline, crude oil prices remain at the upper end of the recent trading band.
Chart of the Day – Gasoline Daily
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Crude Oil Settlements
Dec 19 (CLZ19) 56.35 (-.88)
Jan 20 (CLF20) 56.38 (-.91)
Dec 20 (CLZ20) 52.63 (-1.09)
Dec 21 (CLZ21) 51.27 (-.94)
Crude Oil Price Spreads
CLZ19 / CLF20: -.03
CLZ19 / CLZ20: +3.72
CLZ20 / CLZ21: +1.36
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Oil Price Resources
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