Daily Energy Report
Crude oil futures for March 2021 settled up $0.31 @ $63.53/bbl, trading in a $1.16 range including the overnight. RBOB settled down 0.33/cpg and heating oil settled down 0.17/cpg.
On a volume basis, domestic consumption of gasoline declined more than other petroleum product in 2020. The Energy Information Administration forecasts that U.S. gasoline consumption will rise in the current forecast but remain lower than 2019 levels. Gasoline consumption is forecast to average 8.6 million b/d in 2021 and 8.9 million b/d in 2022, up from 8.0 million b/d in 2020 but lower than the 9.3 million b/d consumed in 2019. Finally, U.S. regular gasoline retail prices averaged $2.33 per gallon in January, compared with an average of $2.20/gal in December and $2.55/gal in January 2020.
Natural gas futures for April 2021 settled down $0.018 @ $2.953/mmbtu, trading in a .094-cent range, including the overnight session.
Four board members of Texas’ power grid operator intend to resign after last week’s blackouts left millions of people without electricity during a spell of brutal winter weather. The board chairwoman and vice chairman of the Electric Reliability Council of Texas, along with two other board members, issued a joint statement announcing their intention to resign. “To allow state leaders a free hand with future direction and to eliminate distractions, we are resigning from the board effective after our urgent board teleconference meeting adjourns on Wednesday, February 24, 2021,” the statement said. Thursday morning’s weekly Energy Information Administration natural gas storage data showed a draw of -338 for the week.
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