Daily Energy Report
Crude oil futures for June 2021 settled down $1.31 @ $62.05/bbl, trading in a $2.07 range, including the overnight. RBOB settled down 5.48/cpg and heating oil settled down 4.27/cpg.
The American Petroleum Institute’s weekly crude oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +620,000 barrels for the week ended May 14. The weekly API data also showed a storage decrease of -2.8 mil/bbl for gasoline and a withdrawal of -2.6 mil/bbl for distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.3 million barrels for the week ended May 14. The weekly EIA data also showed storage decreases of -2.0 mil/bbl for gasoline and a draw of -2.3 mil/bbl for distillates. Total commercial petroleum inventories decreased last week by -200,000 barrels.
Natural Gas Futures for June 2021 settled down $0.039 @ $2.925/mmbtu, trading in a .078 cent range including the overnight session.
Preliminary expectations for this Thursday’s morning’s weekly Energy Information Administration Natural Gas Storage Report calls for an addition of between +85 and +92 billion cubic feet for the week ended May 14. That compares with an increase of +75 bcf in the preceding week, a build of +73 bcf a year earlier, and a five-year average injection of +85.6 bcf. Updated weather forecasts show mostly normal temperatures for the heart of the lower forty-eight, while the West Coast regions look to experience somewhat cooler conditions. The East Coast looks for above, to well above normal temperatures — particularly for the Carolina’s — over the next six- to 10-day time frame.
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