Daily Energy Report

Crude Oil Futures for March 2020 settled up $0.63 @ $52.05/bbl trading in a $1.02 range including the overnight-RBOB settled up 0.31/cpg and Heating Oil settled up 1.77/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprise increase of +7.5 mil/bbl. for the week ending February 7th. Gasoline inventories were down by -100 K/bbl and Distillates were also down for the time frame by -2.0 mil/bbl., domestic refiners ran at 88.0% versus 87.4% just a week ago. Total domestic crude storage now stands at 442.4 mil/bbls (ex-SPR) an increase of approximately +11.4 mil/bbl over the past five weeks while Gasoline stocks have increased by +9.4 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -1.0 mil/bbl. last week.

Natural Gas Futures for March 2020 settled up $0.011 @ $1.819/mmbtu trading in a .066 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 -115 bcf for the week ending February 7th, on the higher side of estimatesbut certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage tally stands at 2.494 tcf. The 2.494 tcf represents a growing surplus, now standing at +31.7% or +601 bcf versus the year over year average, while the surplus versus the five year average is currently standing at +9.4% or +215 bcf .