Daily Energy Report

Crude Oil Futures for February 2020 settled up $0.02 @ $58.54/bbl trading in a $0.71 range including the overnight-RBOB settled up down 1.42/cpg and Heating Oil settled down 0.08/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -2.5 mil/bbl. for the week ending January 10th. Gasoline inventories increased by +6.7 mil/bbl and Distillates were also up for the time frame by +8.2 mil/bbl., domestic refiners ran at 92.2% versus 93.0% just a week ago. Total domestic crude storage now stands at 428.5 mil/bbls (ex-SPR) a decrease of approximately +19.4 mil/bbl over the past five weeks while gasoline stocks have grown by 23.6 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by 14.5 million barrels last week.

Natural Gas Futures for February 2020 settled down $0.074 @ $2.003/mmbtu trading in a .080 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 decreased by -109 bcf for the week ending January 10th, on the very highest side of estimates-but within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 3.039 tcf. The 3.039 tcf represents a growing surplus, now standing at +19.4% or +494 bcf versus the year over year average, while the deficit versus the five year average has diminished and turned, now standing at a surplus of +5.2% or 149 bcf .