Daily Energy Report

Crude Oil Futures for April 2020 settled down $0.50 @ $53.38/bbl trading in a $1.31 range including the overnight-RBOB settled down 1.91/cpg and Heating Oil settled down 1.10/cpg.
Thursday morning’s (delayed for holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +400K/bbl. for the week ending February 14th, 2020. Gasoline inventories were down by -2.0 mil/bbl and Distillates were also down for the time frame by -600K/bbl., domestic refiners ran at 89.4% versus 88.0% just a week ago. Total domestic crude storage now stands at 432.9 mil/bbls (ex-SPR) an increase of approximately +14.3 mil/bbl over the past five weeks while Gasoline stocks are up +800K/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 down $0.015 @ $1.981/mmbtu trading in a .064 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 -151 bcf for the week ending February 14th, 2020 on the highest side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.343 tcf. The 2.343 tcf represents a surplus, now standing at +35.4% or +613 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +9.3% or +200 bcf.