Daily Energy Report

Crude Oil Futures for March 2020 settled up $0.49 @ $53.78/bbl trading in a $1.28 range including the overnight-RBOB settled up 0.64/cpg and Heating Oil settled down 0.92/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Wednesday afternoon (delayed for holiday) showed that domestic crude supplies increased by +4.2 million barrels for the week ended February 14th. The weekly API data also showed storage decreases of -2.7 mil/bbl for Gasoline and -2.6 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Thursday morning (delayed for holiday) showed that domestic crude supplies increased by +400,000 barrels for the week ended February 14th. The weekly EIA data also showed a storage decrease of -2.0 mil/bbl for Gasoline and a draw -600 K/bbl for Distillates. Total commercial petroleum inventories decreased last week by -1.0 million barrels last week.

Natural Gas Futures for March 2020 settled down $0.035 @ $1.920/mmbtu trading in a .111 cent range including the overnight session.
In the Energy Information Administration’s latest Short Term Energy Outlook, the EIA estimates domestic dry natural gas production set a record in 2019, averaging 92.1 bcf/d. Although EIA forecasts dry natural gas production will average 94.2 bcf/d in 2020-a +2.0% increase from 2019- expectations are monthly production to generally decline through 2020, falling from an estimated 95.4 bcf/d in January to 92.5 bcf/d in December. The lower production mostly occurs in the Appalachian and Permian regions. In the Appalachia region, low gas prices are discouraging natural gas-directed drilling and in the Permian low oil prices are expected to reduce associated gas output from oil-directed wells. The EIA’s weekly storage data, showed a pull of -151 bcf for the week.