Daily Energy Report

Crude Oil Futures for March 2020 settled down $1.15 @ $55.59/bbl trading in a $1.50 range including the overnight-RBOB settled down 1.94/cpg and Heating Oil settled down 0.86/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Wednesday afternoon (to accommodate for holiday) showed that domestic crude supplies increased by +1.6 million barrels for the week ended January 17th. The weekly API data also showed storage increases of +4.5 mil/bbl for Gasoline and +3.5 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage data released early Thursday morning (to accommodate for holiday) showed that domestic crude supplies decreased by -400K barrels for the week ended January 17th. The weekly EIA data also showed a storage increase of +1.7 mil/bbl for Gasoline and a draw -1.2 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -1.9 million barrels last week.

Natural Gas Futures for February 2020 settled up $0.021 @ $1.926/mmbtu trading in a .067 cent range including the overnight session. For 2019, growth in demand for domestic natural gas exports exceeded growth in natural gas consumption in the U.S. electric power sector. Natural gas deliveries to U.S. LNG export facilities and by pipeline to Mexico accounted for 12% of dry natural gas production in 2019. EIA forecasts these deliveries to account for an increasingly larger share through calendar 2021 as new LNG facilities are put in service and new pipelines in Mexico that connect to U.S. export pipelines begin operations. The EIA’s weekly natural gas storage data showed a decrease of -92 bcf for the week.