Daily Energy Report 06.03.2020

Crude Oil Futures for July 2020 settled up $0.48 @ $37.29/bbl trading in a $2.30 range including the overnight-RBOB settled up 0.10/cpg and Heating Oil settled down 2.75/cpg.

The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -500,000 barrels for the week ended May 29th. The weekly API data also showed storage increases of +1.7 mil/bbl for Gasoline and +5.9 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -2.1 million barrels for the week ended May 29th. The weekly EIA data also showed a storage increase of +2.8 mil/bbl for Gasoline and a build of +9.9 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +15.1 million barrels last week.

Natural Gas Futures for July 2020 settled up $0.044 @ $1.821/mmbtu trading in a .090 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 +99 and +105 bcf for the week ended May 29th.That compares with an increase of +109 bcf in the preceding week, a build of +119 bcf a year earlier and a five year average injection of +101.2 bcf. Updated weather forecasts show mostly normal temperatures to prevail from Minnesota to the Gulf Coast and East, while the West in general maintains the current cooling trend. Look for seasonally above average temps for the Texas/Mexico border over the next six to ten day time frame.

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