Daily Energy Report 04.24.2020

Crude Oil Futures for June 2020 settled up $0.44 @ $16.94/bbl trading in a $2.33 range including the overnight-RBOB settled up 1.76/cpg and Heating Oil settled down 8.78/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of + 15.0 mil/bbl. for the week ending April 17th. Gasoline inventories were up by +1.0 mil/bbl and Distillates were also
up for the time frame by +7.9 mil/bbl., domestic refiners ran at 67.6% versus 69.1% just a week ago. Total domestic crude storage now stands at 518.6 mil/bbls (ex-SPR) a staggering increase of approximately +64.9 mil/bbl over the past five
weeks while Gasoline stocks are up +22.8 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +25.5 mil/bbl. last week.

Natural Gas Futures for May 2020 settled down $0.069 @ $1.746/mmbtu trading in a .123 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 +43 bcf for the week ending April 17th, 2020 on the lower side of
estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.140 tcf. The 2.140 tcf represents a surplus, now standing at +63.0% or +827 bcf versus the year over
year average, while the surplus versus the five year average also continues- now standing at +20.5% or 364 bcf.