Daily Energy Report 05.07.2020

Crude Oil Futures for June 2020 settled down $0.44 @ $23.55/bbl trading in a $3.80 range including the overnight-RBOB settled up 5.45/cpg and Heating Oil settled up 1.31/cpg. According to weekly Energy Information Administration data, domestic crude oil imports averaged 5.7 million barrels per day last week, up by +410,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day or -20.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 368,000 barrels per day, and distillate fuel imports averaged 336,000 barrels per day.

Natural Gas Futures for June 2020 settled down $0.050 @ $1.894/mmbtu trading in a .103 cent range including the overnight session.
For the week ending May 1st, the number of heating degree days dropped by -35% week over week from 75 to 49, while the number of cooling degree days increased by +17% from 17 to 20. However, estimates show that total energy demand-as measured in total degree days, or TDDs-was -17% below last year’s level, but mostly in line with the 30 year average for this time of the year. The Energy Information Administration’s weekly Natural Gas storage data showed a build of +109 bcf for the week.