Daily Energy Report
Crude Oil Futures for April 2020 settled down $1.17 @ $48.73/bbl trading in a $2.14 range including the overnight-RBOB settled down 7.75/cpg and Heating Oil settled down 6.91/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +1.3 million barrels for the week ended February 21st. The weekly API data also showed a storage increase of +100K/bbl for Gasoline and draw of -700K/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +500,000 barrels for the week ended February 21st. The weekly EIA data also showed a storage decrease of -2.7 mil/bbl for Gasoline and a draw -2.1 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by 2.1 million barrels last week.
Natural Gas Futures for March 2020 settled down $0.026 @ $1.837/mmbtu trading in a .070 cent range including the overnight session.
Preliminary expectations for this Thursday’s weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -148 and -158 bcf for the week ended February 21st.That compares with a withdrawal of-151 bcf in the preceding week, a draw of -166 bcf a year earlier and a five year average pull of -114.8 bcf. Updated weather forecasts show continuing cooler than normal temperatures in an around the Four-Corners region, while a majority of the lower forty-eight-particular to the East Coast-to experience above to well above normal temperatures over the next six to ten day time frame.