Daily Energy Report

Crude Oil Futures for April 2020 settled down $1.38 @ $32.98/bbl trading in a $3.79 range including the overnight-RBOB settled down 4.68/cpg and Heating Oil settled down 1.19/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by -6.4 million barrels for the week ended March 6th. The weekly API data also showed storage decreases of – 3.1 mil/bbl for Gasoline and -4.7 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +7.7 million barrels for the week ended March 6th. The weekly EIA data also showed a storage decreases of -5.0 mil/bbl for Gasoline and a draw -6.4 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -7.6 million barrels last week.

Natural Gas Futures for April 2020 settled down $0.058 @ $1.878/mmbtu trading in a .138 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 -45 and -55 bcf for the week ended March 6th.That compares with a withdrawal of -109 bcf in the preceding week, a draw of -200 bcf a year earlier and a five year average pull of -123.2 bcf. Updated weather forecasts show continuing colder than normal temperatures to prevail along the West Coast and extend halfwayacross the nation, while the warming trend from the Texas Panhandle into New England continues to deepen.

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