Daily Energy Report

Crude Oil Futures for April 2020 settled up $0.23 @ $31.73/bbl trading in a $3.54 range including the overnight-RBOB settled up 0.17/cpg and Heating Oil settled down 2.24/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprisingly large increase of +7.7 mil/bbl. for the week ending March 6th, 2020. Gasoline inventories were down by -5.0 mil/bbl and Distillates were also down for the time frame by -6.4 mil/bbl. while domestic refiners ran at 86.4% versus 86.9% just a week ago. Total domestic crude storage now stands at 451.8 mil/bbls (ex-SPR) a staggering increase of approximately +16.8 mil/bbl over the past five weeks while Gasoline stocks are down -14.1 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased last week by -7.6 mil/bbl. last week.

Natural Gas Futures for April 2020 settled up $0.028 @ $1.869/mmbtu trading in a .156 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 -44 bcf for the week ending March 6th, 2020 on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.043 tcf. The 2.043 tcf represents a surplus, now standing at +63.8% or +796 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +12.5% or +225 bcf.