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.
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