Daily Energy Report 05.01.2020

Crude Oil Futures for June 2020 settled up $0.94 @ $19.78/bbl trading in a $2.41 range including the overnight-RBOB settled down 1.74/cpg and Heating Oil settled down 3.70/cpg.Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of + 9.0 million barrels. for the week ending April 24th,2020. Gasoline inventories were down by -3.7 mil/bbl and
Distillates were up for the time frame by +5.1 mil/bbl., domestic refiners ran at 69.6% versus 67.6% just a week ago. According to the data, total domestic crude storage now stands at 527.6 mil/bbls (ex-SPR) a staggering increase of approximately +72.3 mil/bbl over the past five weeks while Gasoline stocks are up + 20.3 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +10.4 mil/bbl. last week.

Natural Gas Futures for May 2020 settled down $0.059 @ $1.890/mmbtu trading in a .144 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 +70 billion cubic feet for the week ending April 24th, 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 2.210 tcf. The 2.210 tcf represents a surplus, now standing at +54.9% or +783 bcf versus the
year over year average, while the surplus versus the five year average also continues- now standing at +19.5% or 360 bcf.