Daily Energy Report
Crude Oil Futures for March 2020 settled down $0.15 @ $53.33/bbl trading in a $1.56 range including the overnight-RBOB settled up 2.76/cpg and Heating Oil settled down 1.24/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -4.3 million barrels for the week ended January 24th. The weekly API data also showed a storage increase of +3.3 mil/bbl for Gasoline and a modest draw of-100 K/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic c rude supplies increased by +3.5 million barrels for the week ended January 24th. The weekly EIA data also showed a storage increase of +1.2 mil/bbl for Gasoline and a draw -1.3 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +1.0 million barrels last week.
Natural Gas Futures for February 2020 settled down $0.057 @ $1.877/mmbtu trading in a .080 cent range including the overnight session.
Preliminary expectations for this Thursday’s weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -200 and -210 bcf for the week ended January 24th.That compares with a withdrawal of -92 bcf in the preceding week, a draw of -173 bcf a year earlier and a five year average pull of -132.8 bcf. Updated weather forecasts show continuing cooler than normal temperatures to prevail for the inner Mountain West region, while a majority of the lower-forty eight remains closer to normal with some pockets of warmer than average temps along the Eastern seaboard over the next six to ten day period.