Daily Energy Report
Crude Oil Futures for February 2020 settled up $0.22 @ $63.27/bbl trading in a $1.91 range including the overnight-RBOB settled up 0.56/cpg and Heating Oil settled down 2.75/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -7.8 million barrels for the week ended December 27th. The weekly API data also showed a storage increase of +2.8 mil/bbl for Distillates and modest -800K/bbl draw for Gasoline. The Energy Information Administration weekly petroleum storage report released early Friday morning (to accommodate for Holiday) showed that domestic crude supplies decreased by -11.5 million barrels for the week ended December 27th. The weekly EIA data also showed a storage increase of +3.2 mil/bbl for Gasoline and a build of +8.8 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -2.9 million barrels last week.
Natural Gas Futures for February 2020 settled down $0.005 @ $2.135/mmbtu trading in a .074 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Friday morning (to accommodate for Holiday) showed that natural gas storage decreased by -58 bcf for the week ended December 27th, on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.192 tcf. The 3.192 tcf represents a steady surplus, now standing at +17.9% or +484 bcf versus the year over year average, while the deficit versus the five year average has deepened this week, now standing at -1.2% or -38 bcf .
