Daily Energy Report

Crude Oil Futures for March 2020 settled down $0.75 @ $49.57/bbl trading in a $1.07 range including the overnight-RBOB settled down 0.26/cpg and Heating Oil settled down 3.08/cpg.
Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +3.4 mil/bbl. for the week ending January 31st. Gasoline inventories were down by -100K/bbl and Distillates were also down for the time frame by -1.5 mil/bbl., domestic refiners ran at 87.4% versus 87.2% just a week ago. Total domestic crude storage now stands at 435.0 mil/bbls (ex-SPR) an increase of approximately +5.1 mil/bbl over the past five weeks while gasoline stocks have increased +18.7 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -0.9 mil/bbl. last week.

Natural Gas Futures for March 2020 settled down $0.092 @ $1.766/mmbtu trading in a .054 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 -137 bcf for the week ending January 31st, on the higher side of estimatesbut certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 2.609 tcf. The 2.609 tcf represents a growing surplus, now standing at +30.8% or +615 bcf versus the year over year average, while last year’s deficit versus the five year average has diminished and turned, now standing at a surplus of +8.3% or 199 bcf .