Daily Energy Report
Crude Oil Futures for February 2020 settled down $3.09 @ $59.61/bbl trading in a $6.50 range including the overnight-RBOB settled up down 7.34/cpg and Heating Oil settled down 7.42/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -5.9 million barrels for the week ended January 3rd. The weekly API data also showed storage increases of +6.7 mil/bbl for Gasoline and +6.4 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.2 million barrels for the week ended January 3rd. The weekly EIA data also showed a storage increase of +9.1mil/bbl for Gasoline and up +5.3 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by 14.8 million barrels last week.
Natural Gas Futures for February 2020 settled down $0.021 @ $2.141/mmbtu trading in a .070 cent range including the overnight session. Preliminary expectations for this Thursday’s weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -47 and -54 bcf for the week ended January 3rd.That compares with a withdrawal of-58 bcf in the preceding week, a draw of -359 bcf a year earlier and a five year average pull of -169.0 bcf. Updated weather forecasts show continuing colder than normal conditions to prevail from our Southwestern Mexican border towards the Western Great Lake’s region, keeping the entire Northwest and California significantly below average, while Texas to the East Coast and throughout New England are due to see above to well above average temps over the next six t o ten day time frame.