Daily Energy Report 04.23.2020

Crude Oil Futures for June 2020 settled up $2.72 @ $16.50/bbl trading in a $4.91 range including the overnight-RBOB settled up 0.52/cpg and Heating Oil settled up 0.34/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +13.2 million barrels for the week ended April 17th. The weekly API data also showed storage increases of
+3.4 mil/bbl for Gasoline and +7.6 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morni ng showed that domestic crude supplies increased by +15.0 million barrels for the week ended
April 17th. The weekly EIA data also showed a storage increase of +1.0 mil/bbl for Gasoline and a build +7.9 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +25.5 million barrels last week.

Natural Gas Futures for May 2020 settled down $0.124 @ $1.815/mmbtu trading in a .147 cent range including the overnight session.
According to EIA data, the Henry Hub natural gas spot price averaged $1.740 per million British thermal units for the month of March. Above average temperatures in March reduced demand for heating and put downward pressure on prices. The EIA
forecasts that prices will begin to rise at the end of the second quarter of 2020 as U.S. natural gas production declines and natural gas use for power generation increases. The EIA forecasts that Henry Hub natural gas spot prices will average $2.110/mmbtu in
2020 and then increase in 2021, reaching an annual average of $2.980/mmbtu because of lower natural gas production compared to 2020. Thursday morning’s weekly EIA gas storage data showed a build of +43 bcf for the week.

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