Daily Energy Report 05.06.2020

Crude Oil Futures for June 2020 settled down $0.57 @ $23.99/bbl trading in a $3.50 range including the overnight-RBOB settled down 2.44/cpg and Heating Oil settled down 7.20/cpg.
The American Petroleum Institute’s weekly storage report released late Tuesday afternoon showed that domestic crude supplies increased by +8.4 million barrels for the week ended May 1st. The weekly API data also showed a storage decrease of -2.2 mil/bbl for Gasoline and a build of+6.1 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +4.6 million barrels for the week ended May 1st. The weekly EIA data also showed a storage decrease of -3.2 mil/bbl for Gasoline and a build +9.5 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +17.9 million barrels last week.

Natural Gas Futures for June 2020 settled down $0.190 @ $1.944/mmbtu trading in a .182 cent range including the overnight session.
Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +102 and +112 bcf for the week ended May 1st.That compares with an increase of +70 bcf in the preceding week, a build of +85 bcf a year earlier and a five year average injection of +72.2 bcf. Updated weather forecasts show mostly seasonal norms for the West Coast and Inner Mountain regions, while the Northeast and south towards the Lower Ohio Valley regions look to elongate their late winter-early spring cooler temps over the next six to ten day time frame.

Back