Daily Energy Report 05.28.2020
Crude Oil Futures for July 2020 settled up $0.90 @ $33.71/bbl trading in a $3.07 range including the overnight-RBOB settled up 0.52/cpg and Heating Oil settled down 4.65/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Wednesday afternoon (moved to accommodate for holiday) showed that domestic crude supplies increased by +8.7 million barrels for the week ended May 22nd. The weekly API data also showed storage increases of +1.1 mil/bbl for Gasoline and +6.9 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Thursday morning (moved to accommodate for holiday) showed that domestic crude supplies increased by +7.9 million barrels for the week ended May 22nd. The weekly EIA data also showed a storage decrease of -700K/bbl for Gasoline and a build of +5.5 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +14.9 million barrels last week.
Natural Gas Futures for July 2020 settled down $0.059 @ $1.827/mmbtu trading in a .076 cent range including the overnight session.
The U.S. Federal Energy Regulatory Commission said last week it has authorized construction and operation of Alaska Gasline Development Corp’s proposed $43.4 billion Alaska liquefied natural gas export project. “Today’s federal authorization is a key step in determining if Alaska LNG is competitive and economically beneficial for Alaska,” Alaska Governor Mike Dunleavy said in a statement. “The ongoing project, economic review and discussions with potential partners will determine the next steps for this project,” he added. Thursday morning’s weekly EIA storage data showed a build of +109 bcf for the week.