Daily Energy Report

Crude Oil Futures for April 2020 settled down $4.62 @ $41.28/bbl trading in a $5.27 range including the overnight-RBOB settled down 13.3/cpg and Heating Oil settled down 10.3/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a modest increase of +800,000/bbl. for the week ending February 28th. Gasoline inventories were down by -4.3 mil/bbl and Distillates were also down for the time frame by -4.0 mil/bbl., domestic refiners ran at 86.9% versus 87.9% just a week ago. Total domestic crude storage now stands at 444.1 mil/bbls (ex-SPR) an increase of approximately +12.5 mil/bbl over the past five weeks while Gasoline stocks are down -9.2 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -11.9 mil/bbl. last week.

Natural Gas Futures for April 2020 settled down $0.064 @ $1.708/mmbtu trading in a .062 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 -109 bcf for the week ending February 28th, 2020 on the higher side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.091 tcf. The 2.091 tcf represents a growing surplus, now standing at +48.2% or +680 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +9.2% or 176 bcf.

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