Daily Energy Report

Crude Oil Futures for February 2020 settled down $0.42 @ $57.81/bbl trading in a $1.00 range including the overnight-RBOB settled down 1.76/cpg and Heating Oil settled down 3.24/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +1.1 million barrels for the week ended January 10th. The weekly API data also showed storage increases of +3.2 mil/bbl for Gasoline and +6.8 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic c rude supplies decreased by -2.5 million barrels for the week ended January 10th. The weekly EIA data also showed a storage increase of +6.7mil/bbl for Gasoline and a build of +8.2 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by 14.5 million barrels last week.

Natural Gas Futures for February 2020 settled down $0.067 @ $2.120/mmbtu trading in a .085 cent range including the overnight session. Preliminary expectations for this Thursday mornings weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -91 and -97 bcf for the week ended January 10th.That compares with a withdrawal of 44 bcf in the preceding week, a draw of -81 bcf a year earlier and a five year average pull of 182.0 bcf. Updated weather forecasts show continuing colder than normal temperatures in an around the Great Lakes region extending south towards the Gulf and East towards New England-including the Florida panhandle while a warming ridge begins to encroach from the deep southwest coast over the next six to t en day period.

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