Daily Energy Report
Crude Oil Futures for April 2021 settled down $4.60 @ $60.00/bbl, trading in a $6.62 range including the overnight. RBOB settled down 10.30/cpg and heating oil settled down 12.19/cpg.
Over the last week of trading, crude oil and its related products eased back as the International Energy Agency said talk of an upcoming supply shortfall could be somewhat misleading. Despite the recent retreat, oil is still up more than +33.0% this year as
OPEC+ production cuts tighten supply and the demand outlook improves with the rollout of Covid-19 vaccines. Consumption is roaring back in some regions including the U.S., although parts of Europe are still struggling. According to market participants,
crude oil is clearly struggling to find direction after the IEA report.
Natural Gas Futures for April 2021 settled down $0.047 @ $2.481/mmbtu trading in a .083 cent range including the overnight session.
On Tuesday, the Energy Information Administration said the United States increased its natural gas pipeline transportation capacity by around 4.4 billion cubic feet per day in just three months as four new pipelines entered into service. According to leading data, more natural gas pipelines will enter into service in the U.S. in coming years, despite the Biden Administration’s climate agenda. Earlier this month, the Biden Administration backed a natural gas pipeline project in an eminent domain fight that ended up in the Supreme Court, a move that shocked environmentalists who had hoped the Administration would not support any oil and gas pipeline projects.
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