Daily Energy Report
Crude Oil Futures for June 2021 settled up $1.03 at $62.94/bbl, trading in a $1.39 range including the overnight. RBOB settled up 4.18/cpg and heating oil settled up 2.72/cpg.
The Joint Technical Committee held its 51st meeting via videoconference to review oil market conditions in preparation for the 29th Meeting of the Joint Ministerial Monitoring Committee and the 16th OPEC and non-OPEC Ministerial Meeting scheduled for Wednesday, April 28, 2021. In highlighting the improving oil market outlook, Barkindo stated, “There are positive signals regarding the global economy and prospects for our industry.” However, he also emphasized there are many factors that require ongoing monitoring and vigilance. “The revival of fortunes for the health of the economy and our industry is due, in no small part, to the efforts of the Declaration of Cooperation participating countries,” the Secretary General stated.
Natural Gas Futures for May 2021 settled up $0.083 @ $2.873/mmbtu, trading in a .093 cent range including the overnight session.
The Energy Information Administration expects that U.S. consumption of natural gas will average 82.9 billion cubic feet per day in 2021, down -0.4% from 2020. The decline in U.S. natural gas consumption is a result of less natural gas consumed for electric power generation because of higher natural gas prices compared with last year. In 2021, the EIA expects residential and commercial natural gas consumption will rise by a total of +1.1 bcf/d from 2020 and industrial consumption will rise by +1.4 bcf/d from 2020. Rising consumption outside of the power sector results from expanding economic activity and colder temperatures in 2021 compared with 2020. The EIA currently expects U.S. natural gas consumption will average 82.1 bcf/d in 2022.
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