Daily Energy Report
Crude Oil Futures for March 2020 settled up $0.25 @ $51.42/bbl trading in a $1.36 range including the overnight-RBOB settled down 0.08/cpg and Heating Oil settled up 0.48/cpg.
Oil prices rose for a third consecutive day on Thursday amid signs that newly reported Coronavirus cases are slowing in China , somewhat easing concerns regarding demand impact from the disease from the world’s second largest oil consumer. According to data through Monday, the growth rate of new Coronavirus cases in China has slowed to the lowest since Jan. 31. Bans on travel to and from China and the movement of goods inside the country have cut fuel usage. The two biggest Chinese refiners have said they will reduce their processing by about -940,000 barrels per day as a result of the consumption drop, or about -7.0% of their 2019 processing runs.
Natural Gas Futures for March 2020 settled down $0.018 @ $1.826/mmbtu trading in a .046 cent range including the overnight session.
The leaders of Greece, Cyprus and Jordan will hold a trilateral summit in Amman on the 14th of April in an effort to expand cooperation in the East Mediterranean region- which has strategic significance and energy interests. The meeting follows an historic agreement between Greece, Italy, Cyprus, Jordan, Israel and Palestinian held in January called the East Mediterranean Gas Forum (EMGF) where each country agreed on how to extract vital energy. However, this agreement has severely strained relations with Turkey as Ankara had already asserted its maritime borders in a bilateral agreement with Libya’s Tripoli government, which conflict with those described in the EMGF. EIA weekly storage data showed a draw of 115 bcf for the week.