Daily Energy Report

Crude Oil Futures for February 2020 settled down $0.52 @ $59.04/bbl trading in a $0.93 range including the overnight-RBOB settled up 0.69/cpg and Heating Oil settled down 2.17/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprise increase of +1.2 mil/bbl. for the week ending January 3rd. Gasoline inventories increased by +9.1 mil/bbl and Distillates were also up for the time frame by +5.3 mil/bbl., domestic refiners ran at 93.0% versus 94.5% just a week ago. Total domestic crude storage now stands at 431.0 mil/bbls (ex-SPR) a decrease of approximately -16.0 mil/bbl over the past five weeks while Gasoline stocks are up +22.3 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +14.8 mil/bbl. last week.

Natural Gas Futures for February 2020 settled up $0.036 @ $2.202/mmbtu trading in a .097 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that natural gas storage increased by -44 bcf for the week ending January 3rd, on the lowest side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.148 tcf. The 3.148 tcf represents a growing surplus, now standing at +19.8% or +521 bcf versus the year over year average, while the deficit versus the five year average has diminished, now standing at a surplus of +2.4% or 74 bcf .