Daily Energy Report
Crude oil futures for July 2021 settled up $0.22 @ $73.30/bbl, trading in a $1.29 range including the overnight. RBOB settled up 1.40/cpg and heating oil settled up 0.29/cpg.
The American Petroleum Institute’s weekly crude oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -7.2 million barrels for the week ended June 18th. The weekly API data also showed storage increases of +959 K/bbl for gasoline and +992 K/bbl for distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by +7.6 million barrels for the week ended June 18th. The weekly EIA data also showed a storage decrease of -2.9 mil/bbl for gasoline and a build of +1.8 mil/bbl for distillates. Total commercial petroleum inventories decreased last week by -5.8 million barrels last week.
Natural gas futures for July 2021 settled up $0.085 @ $3.418/mmbtu, trading in a .141 cent range including the overnight session.
Hot weather and limited supplies helped drive European natural gas prices to a 12-year high late last week in a rally that continued into this early this week. European gas prices have been strong since the beginning of the year. Storage inventories were at 44.0% of capacity on Monday, about -23.0% below the five-year average and at their lowest level since 2018. According to leading European advisors, “The looming annual maintenance on the Nordstream and Yamal pipelines, scheduled for next month, could continue to support prices for July 2021 delivery in a context of relatively limited supply flexibility.” Thursday mornings weekly EIA natural gas storage data showed a build of +55 for the week.
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