Daily Energy Report 05.08.2020

Crude Oil Futures for June 2020 settled up $1.19 @ $24.74/bbl trading in a $1.63 range including the overnight-RBOB settled up 2.08/cpg and Heating Oil settled up 6.22/cpg.

Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +4.6 million barrels. for the week ending May 1st. Gasoline inventories decreased by -3.2 mil/bbl and Distillates increased for the time frame by +9.5 mil/bbl., domestic refiners ran at 70.5% versus 69.6% just a week ago. Total domestic crude storage now stands at 532.2 mil/bbls (ex-SPR) a staggering increase of approximately +63.0 mil/bbl over the past five weeks while Gasoline stocks are up +9.6 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +17.9 mil/bbl. last week.

Natural Gas Futures for June 2020 settled down $0.071 @ $1.823/mmbtu trading in a .116 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 +109 bcf for the week ending May 1st, 2020, in line with the majority of analysts’ estimates and forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.319 tcf. The2.319 tcf represents a surplus, now standing at +52.3% or +796 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +20.5% or 395 bcf.