Daily Energy Report

Crude Oil Futures for March 2020 settled down $0.20 @ $58.38/bbl trading in a $2.06 range including the overnight – RBOB settled down 0.41/cpg and Heating Oil settled down 3.00/cpg.
Globally, oil and gas discoveries reached new highs for calendar 2019, marking a successful milestone for hydrocarbon explorers. Per Rystad Energy, upstream energy companies discovered 12.2 billion barrels of oil equivalent reserves last year, marking the highest since 2015 s 20 billion/boe, with a majority of these new findings located in offshore regions. Of the total discoveries 26 have more than 100 million/boe deposits. Energy giant Exxon Mobil Corporation led the way in discoveries for the year, with four new significant findings in the offshore regions of Guyana in 2019

Natural Gas Futures for February 2020 settled down $0.108 @ $1.895/mmbtu trading in a .140 cent range including the overnight session.
According to the U.S. Energy Information Administration s latest inventory of electric generators, the EIA expects 42 gigawatts of new capacity additions to start commercial operation in calendar 2020 . Solar and wind represent almost 32/gw, or 76%, of these new additions. Planned natural gas capacity additions for 2020 are 9.3/gw. Combined cycle plants account for 6.7/gw and combustion-turbine plants account for 2.3/gw. More than 70% of these additions are in Pennsylvania, Texas, California, and Louisiana. Last Thursday morning’s EIA storage report showed a draw of -109 bcf for the week ended January 17th.