Daily Energy Report 06.09.2020

Crude Oil Futures for July 2020 settled up $0.75 @ $38.94/bbl trading in a $2.03 range including the overnight-RBOB settled up 1.53/cpg and Heating Oil settled up 3.34/cpg.

As stay-at-home orders and mitigation efforts for the Coronavirus disease took effect and limited travel starting in the second half of March, gasoline and jet fuel demand fell by near record amounts, according to data from the Energy Information Administration. From February to March, gasoline demand fell by 1.2 million barrels per day or -13% to 7.8 million/bpd, the lowest level since January 2000 and the second-largest monthly decline on record. During the same period, jet fuel demand fell by 242,000/bpd. or -15%, the largest single monthly change in U.S. jet fuel demand in EIA’s data, which dates back to 1965.

Natural Gas Futures for July 2020 settled down  $0.022 @ $1.767/mmbtu trading in a .073 cent range including the overnight session.

For the 35th consecutive month, dry natural gas production increased year over year for the month according to recent EIA data. The preliminary level for dry natural gas production in March 2020 was 2,919 billion cubic feet, or 94.2 bcf/d. This level was +4.2 bcf/d or +4.7% higher than the March 2019 level of 89.9 bcf/d. The average daily rate of dry production was the highest for the month since the Energy Information Administration began tracking monthly dry production in 1973. Estimated natural gas consumption in March 2020 was 2,708 bcf, or 87.4 bcf/d. This level was -6.2 bcf/d or -6.6% lower than the 93.5 Bcf/d consumed in March 2019.

Back