Daily Energy Report 06.12.2020

Crude Oil Futures for July 2020 settled down $0.08 @ $36.26/bbl trading in a $2.51 range including the overnight-RBOB settled up 0.55/cpg and Heating Oil settled up 1.34/cpg.

Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +5.7 mil/bbl. for the week ending June 5th. Gasoline inventories were up by +900K/bbl. and Distillates were also up for the time frame by +1.6 mil/bbl., domestic refiners ran at 73.1% versus 71.8% just a week ago. Total domestic crude storage now stands at 538.0 mil/bbl. (ex-SPR) an increase of approximately +5.8 mil/bbl. over the past five weeks while gasoline stocks also increase by +2.2 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +9.7 mil/bbl. last week.

Natural Gas Futures for July 2020 settled down $0.082 @ $1.731/mmbtu trading in a .095 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 +93 bcf for the week ending June 5th, 2020 on the lowest side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.807 tcf. The 2.807 tcf represents a surplus, now standing at +36.3% or +748 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +17.6% or 421 bcf.