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.

 

To send a question to the author, or to learn more about this topic, click here.

For assistance with brokerage or hedging services, please click here.

 

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.

Back