Daily Energy Report
Crude Oil Futures for April 2020 settled down $0.40 @ $46.78/bbl trading in a $1.76 range including the overnight-RBOB settled up 2.42/cpg and Heating Oil settled up 0.02/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by + 1.7 barrels for the week ended February 28th. The weekly API data also showed storage decreases of -3.9 mil/bbl for Gasoline and -1.7 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +800 thousand barrels for the week ended February 28th. The weekly EIA data also showed a storage decrease of -4.3 mil/bbl for Gasoline and a draw -4.0 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -11.9 million barrels last week.
Natural Gas Futures for April 2020 settled up $0.027 @ $1.827/mmbtu trading in a .060 cent range including the overnight session.
Preliminary expectations for this Thursday mornings weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -105 and -115 bcf for the week ended February 28th.That compares with a withdrawal of -143 bcf in the preceding week, a draw of -149 bcf a year earlier and a five year average withdrawal of -110.2 bcf. Updated weather forecasts show continuing cooler than normal temperatures to prevail all along the West Coast to as-farsouth as Los Angeles while, the other seventy-five percent of the lower forty-eight looks to continue to enjoy the early Spring warming trend.