Daily Energy Report
Crude Oil Futures for April 2020 settled down $1.64 @ $47.09/bbl trading in a $2.90 range including the overnight-RBOB settled down 4.43/cpg and Heating Oil settled down 1.02/cpg.
According to weekly EIA data, domestic crude oil imports averaged 6.2 million barrels per day last week, down by -330,000barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day or 1.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 405,000 barrels per day, and distillate fuel imports averaged 177,000 barrels per day. U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending February 21, 2020, which was -202,000 barrels per day less than the previous week’s average.
Natural Gas Futures for April 2020 settled down $0.085 @ $1.752/mmbtu trading in a .112 cent range including the overnight session.
Saudi Aramco is launching the largest shale gas development outside of the United States to boost its domestic gas supply and end the burning of crude oil at its power generation plants, Chief Executive Officer Amin Nasser told reporters on Monday. Aramco said it received the go ahead for the project on Saturday for the huge $110 billion Jafurah shale gas field project. If Aramco hits its targets for development of the field, the Kingdom would become the world’s third largest gas producer by 2030. Nasser said Aramco has developed fracking using seawater, which will remove the obstacle of the lack of water supply. Thursday morning’s weekly EIA nat-gas storage report showed a draw of -143 bcf for the week.