Daily Energy Report
Crude Oil Futures for March 2020 settled up $1.23 @ $51.17/bbl trading in a $1.78 range including the overnight-RBOB settled up 6.68/cpg and Heating Oil settled up 4.90/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +6.0 million barrels for the week ended February 7th. The weekly API data also showed a storage increase of +1.1 mil/bbl for Gasoline and a draw of -2.3/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +7.5 million barrels for the week ended February 7th. The weekly EIA data also showed a storage decrease of -100K/bbl for Gasoline and a draw -2.0 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -1.0 million barrels last week.
Natural Gas Futures for March 2020 settled up $0.056 @ $1.844/mmbtu trading in a .066 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 -105 and -115 bcf for the week ended February 7th.That compares with a withdrawal of-137 bcf in the preceding week, a draw of -78 bcf a year earlier and a five year average pull of -123.2 bcf. Updated weather forecasts show a nation divided by a discerning cooling ridge encroaching from the west and extends from border-to-border thus allowing the Eastern half of the country to enjoy somewhat above to modestly above average temperatures, while the inner Mountain West region remains chilly for the time of year during the next six to ten day time frame.