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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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.

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