Daily Energy Report 06.01.2020

Crude Oil Futures for July 2020 settled down $0.05 @ $35.44/bbl trading in a $1.63 range including the overnight-RBOB settled down 1.18/cpg and Heating Oil settled down 1.18/cpg.

Thursday morning’s (moved to accommodate for holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +7.9 mil/bbl. for the week ending May 22nd. Gasoline inventories were down by -700K/bbl and Distillates were up for the time frame by +5.5 mil/bbl., domestic refiners ran at 69.4% versus 67.9% just a week ago. Total domestic crude storage now stands at 534.4 mil/bbls (ex-SPR) an increase of approximately +15.8 mil/bbl over the past five weeks while Gasoline stocks are down -8.2 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +14.9 mil/bbl. last week.

Natural Gas Futures for July 2020 settled down $0.075 @ $1.774/mmbtu trading in a .106 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 22nd, 2020-on the highest side of estimates, but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.612 tcf. The 2.612 tcf represents a surplus, now standing at +42.4% or +778 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +19.3% or 423 bcf.