Daily Energy Report
Crude Oil Futures for March 2020 settled down $1.05 @ $53.14/bbl trading in a $1.58 range including the overnight-RBOB settled down 3.12/cpg and Heating Oil settled down 5.45/cpg.
Thursday morning’s weekly Energy Information Administration domestic Crude Oil storage data (delayed for holiday) showed a surprise decrease of -400K/bbl. for the week ending January 17th. Gasoline inventories were up by +1.7 mil/bbl and Distillates were down for the time frame by -1.2 mil/bbl., domestic refiners ran at 90.5% versus 92.2% just a week ago. Total domestic crude storage now stands at 428.1 mil/bbls (ex-SPR) a decrease of approximately -18.7 mil/bbl over the past five weeks while gasoline stocks have increased +22.7 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -1.9 mil/bbl. last week.
Natural Gas Futures for February 2020 settled up $0.009 @ $1.902/mmbtu trading in a .088 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 -92 bcf for the week ending January 17th, on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 2.947 tcf. The 2.947 tcf represents a growing surplus, now standing at +23.2% or +544 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 +9.3% or +251 bcf .