Daily Energy Report
Crude oil futures for March 2021 settled up $0.32 @ $58.68/bbl, trading in a $0.83 range including the overnight. RBOB settled down 2.02/cpg and heating oil settled up 0.43/cpg.
The American Petroleum Institute’s weekly Crude Oil Storage Report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.5 million barrels for the week ended February 5. The weekly API data also showed storage increases of +4.8 mil/bbl for gasoline and a modest draw of -487 K/bbl for distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -6.6 million barrels for the week ended February 5. The weekly EIA data also showed a storage increase of +4.3 mil/bbl for Gasoline and a draw -1.7 mil/bbl for distillates. Total commercial petroleum inventories decreased last week by -11.2 million barrels last week.
Natural gas futures for March 2021 settled up $0.076 @ $2.911/mmbtu, trading in a .232 cent range including the overnight session.
Preliminary expectations for this Thursday’s weekly Energy Information Administration Natural Gas Storage Report calls for a withdrawal of between -177 and -183 bcf for the week ended February 5. That compares with a withdrawal of -192 bcf in the
preceding week, a draw of -115 bcf a year earlier, and a five-year average pull of -106.8 bcf. Updated weather forecasts show continuing colder than normal temperatures to prevail across the majority of the lower forty-eight, with just the southern-most region of Florida to remain close to normal conditions over the next six-to-10-day period.
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