Daily Energy Report

Crude Oil Futures for March 2020 settled up $0.34 @ $53.48/bbl trading in a $1.24 range including the overnight-RBOB settled up 1.92/cpg and Heating Oil settled up 3.64/cpg.
According to key EIA data, domestic crude oil imports averaged 6.4 million barrels per day last week, down by -120,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, -15.8% less than the same four-week period last year. U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending January 17, 2020, which was -116,000 barrels per day less than the previous week’s average. Refineries operated at 90.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

Natural Gas Futures for February 2020 settled up $0.032 @ $1.934/mmbtu trading in a .069 cent range including the overnight session.
According to data from IHS Markit, the average total supply of natural gas rose by +1.0% compared with the previous report week and dry natural gas production decreased by -1.0% compared with the previous report week. Total U.S. consumption of natural gas rose by +17.0% compared with the previous report week according to the data. In the residential and commercial sectors, consumption increased by +27.0%, driven by increased heating needs during the first half of the report week. Natural gas used for power generation climbed by +15.0% week over week as demand rose for electricity used in space heating. Industrial sector consumption increased by +3.0% week over week. Natural gas exports to Mexico decreased -7.0% with maintenance on the Sur de Texas–Tuxpan pipeline.