Daily Energy Report

Crude Oil Futures for April 2020 settled down $1.95 @ $51.43/bbl trading in a $2.19 range including the overnight-RBOB settled down 4.15/cpg and Heating Oil settled down 7.34/cpg.
According to EIA data, domestic crude oil refinery inputs averaged 16.2 million barrels per day during the week ending February 14, 2020, which was +190,000 barrels per day more than the previous week’s average. U.S. crude oil imports averaged 6.5 million barrels per day last week, down by -431,000barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day or -4.1% less than the same four week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 421,000 barrels per day, and distillate fuel imports averaged 127,000 barrels per day.

Natural Gas Futures for March 2020 settled down $0.078 @ $1.827/mmbtu trading in a .060 cent range including the overnight session.
The Energy Information Administration expects dry natural gas production to total 34 trillion cubic feet in 2019 once the final data is in. In their Annual Energy Outlook Reference case the EIA projects that U.S. dry natural gas production will reach 45 tcf by 2050. Production growth results largely from continued development of tight and shale resources in the East, Gulf Coast, and Southwest regions, which more than offsets production declines in other regions. Dry natural gas production from these three regions accounted for 68% of total U.S. dry natural gas production in 2019 and, in the Reference case, 78% of dry natural gas production in 2050.