Daily Energy Report 05.15.2020
Crude Oil Futures for June 2020 settled up $1.87 @ $29.43/bbl trading in a $2.68 range including the overnight-RBOB settled up 5.57/cpg and Heating Oil settled up 2.56/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprise decrease of -700,000/bbl. for the week ending May 8th. Gasoline inventories were down by -3.5 mil/bbl and Distillates showed a build for the time frame of -+3.5 mil/bbl., domestic refiners ran at 67.9% versus 70.5% just a week ago. Total domestic crude storage now stands at 531.5 mil/bbls (ex-SPR) an increase of approximately +47.1 mil/bbl over the past five weeks while Gasoline stocks are down -4.4 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -500,000/bbl. last week.
Natural Gas Futures for June 2020 settled down $0.035 @ $1.646/mmbtu trading in a .098 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 decreased by -103 bcf for the week ending May 8th, 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 2.422 tcf. The 2.422 tcf represents a surplus, now standing at +49.2% or +799 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +20.6% or +413 bcf.