Daily Energy Report 05.20.2020
Crude Oil Futures for July 2020 settled up $1.53 @ $33.49/bbl trading in a $2.18 range including the overnight-RBOB settled down 0.14/cpg and Heating Oil settled up 1.70/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -4.8 million barrels for the week ended May 15th. The weekly API data also showed a storage decrease -700K/bbl for Gasoline and a build of +5.1 mil/bbl for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -5.0 million barrels for the week ended May 15th. The weekly EIA data also showed storage increases of +2.8 mil/bbl for Gasoline and +3.8 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +5.0 million barrels last week.
Natural Gas Futures for June 2020 settled down $0.059 @ $1.771/mmbtu trading in a .146 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 +85 and +90 bcf for the week ended May 15th.That compares with an increase of +103 bcf in the preceding week, a build of +100 bcf a year earlier and a five year average injection of +84.8 bcf. Updated weather forecasts show mostly normal temperatures across the entire lower forty-eight, with pockets of above normal temperatures seen for central California and the Great Lake regions, while a small area of below average temps somehow lingers for Southern most Texas.