Daily Energy Report
Crude Oil Futures for April 2020 settled down $1.75 @ $26.95/bbl trading in a $3.59 range including the overnight-RBOB settled up 2.15/cpg and Heating Oil settled down 1.09/cpg.
The Executive Director of the International Energy Agency Dr Fatih Birol, and the Secretary General of OPEC Mohammad Sanusi Barkindo, spoke by phone to review the current situation in global oil markets. The two leaders expressed deep concerns about the Coronavirus, which is already an unprecedented global health crisis with potentially far reaching economic and social consequences. Dr Birol and SG Barkindo reviewed the impact on vulnerable developing countries and noted that if current market conditions continue, their income from oil and gas will fall by -50% to -85% in 2020, reaching the lowest levels in more than two decades, according to IEA analysis. This is likely to have major social and economic consequences, notably for public sector spending in vital areas such as healthcare and education.
Natural Gas Futures for April 2020 settled down $0.086 @ $1.729/mmbtu trading in a .109 cent range including the overnight session.
According to EIA data, for 2019, space heating accounted for 38.0% of delivered energy in buildings, a larger share than any other end use. The EIA projects that from 2019 to 2050 delivered energy consumed for space heating will fall by more than 1.5 quadrillion British thermal units—the largest decline among end uses in both absolute terms and percentage terms. Total consumption of delivered energy by the buildings sector will increase by +7.0% as growing demand for end uses, including air conditioning, electronics, and water heating, more than offsets declines in energy consumption for heating and lighting.