Daily Energy Report
Daily Energy Report for Jan 21, 2021
Crude oil futures for March 2021 settled down $0.18 @ $53.13/bbl, trading in a $0.66 range including the overnight. RBOB settled up 0.40/cpg and heating oil settled up 0.02/cpg.
The American Petroleum Institute’s Weekly Crude Oil Storage Report released late Wednesday afternoon (to accommodate for Holiday). It showed that domestic crude supplies increased by +2.6 million barrels for the week ended January 15. The weekly API data also showed storage increases of +1.1 mil/bbl for gasoline and +816 K/bbl for distillates. The Energy Information Administration Weekly Petroleum Storage Report will be released Friday at 10 a.m. CT.
Natural gas futures for February 2021 settled down $0.048 @ $2.491/mmbtu, trading in a .093 cent range including the overnight session.
Preliminary expectations for this Friday’s weekly Energy Information Administration Natural Gas Storage Report calls for a decrease of between -180 and -190 bcf for the week ended January 15. That compares with a withdrawal of-134 bcf in the preceding week, a draw of -92 bcf a year earlier and a five year average pull of -171.8 bcf. Additionally, updated weather forecasts show continuing colder than normal temperatures for a majority of California and the Four-Corners region. Conversely, Gulf Coast states and Ohio Valley regions will experience somewhat above normal temperatures over the next six-to-10 days.
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