Daily Energy Report 06.10.2020
Crude Oil Futures for July 2020 settled up $0.66 @ $39.60/bbl trading in a $2.18 range including the overnight-RBOB settled down 0.04/cpg and Heating Oil settled up 1.83/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +8.4 million barrels for the week ended June 5th. The weekly API data also showed storage a decrease of -2.9 mil/bbl. for Gasoline and a build of +4.3 mil/bbl. for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +5.7 million barrels for the week ended June 5th. The weekly EIA data also showed a storage increase of +900K/bbl for Gasoline and a build of +1.6 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +9.7 million barrels last week.
Natural Gas Futures for July 2020 settled up $0.013 @ $1.780/mmbtu trading in a .134 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 +88 and +93 bcf. for the week ended June 5th.That compares with an increase of +102 bcf. in the preceding week, a build of +102 bcf. a year earlier and a five year average injection of +96.0 bcf.. Updated weather forecasts show a nation divided with average to below average temperatures for the Northwest and East Coast while the center of the nation looks to experience above to well above normal temps over the next six to ten day time frame.