Daily Energy Report 06.05.2020

Crude Oil Futures for July 2020 settled up $2.14 @ $39.55/bbl trading in a $2.63 range including the overnight-RBOB settled up 6.46/cpg and Heating Oil settled up 7.65/cpg.

Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprise decrease of -2.1 mil/bbl. for the week ending May 29th. Gasoline inventories were up by +2.8 mil/bbl and Distillates also increased for the time frame by +9.9 mil/bbl., domestic refiners ran at 71.8% versus 71.3% just a week ago. Total domestic crude storage now stands at 532.3 mil/bbls (ex-SPR) an increase of approximately +4.6 mil/bbl over the past five weeks while Gasoline stocks are down -1.8 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +15.1 mil/bbl. last week.

Natural Gas Futures for July 2020 settled down $0.040 @ $1.782/mmbtu trading in a .087 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 +102 bcf for the week ending May 29th, 2020 on the high side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.714 tcf. The 2.714 tcf represents a surplus, now standing at +39.0% or +762 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +18.4% or 422 bcf.