Daily Energy Report

Crude Oil Futures for March 2020 settled down $0.58 @ $51.56/bbl trading in a $2.39 range including the overnight-RBOB settled down 0.50/cpg and Heating Oil settled down 1.36/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +3.5 mil/bbl. for the week ending January 24th. Gasoline inventories were up by +1.2 mil/bbl and Distillates drew down for the time frame by -1.3 mil/bbl., domestic refiners ran at 87.2% versus 90.5% just a week ago. Total domestic crude storage currently stands at 433.6 mil/bbls (ex-SPR) a significant decrease of approximately -9.7 mil/bbl over the past five weeks while Gasoline stocks are up an incredible +22.0 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +1.0 mil/bbl. last week.

Natural Gas Futures for March 2020 settled up $0.012 @ $1.841/mmbtu trading in a .044 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 -201 bcf for the week ending January 24th, on the lower side of estimatesbut certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 2.746 tcf. The 2.746 tcf represents a growing surplus, now standing at +23.6% or +524 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 +7.6% or +193 bcf.