Daily Energy Report
Crude Oil Futures for April 2020 settled down $6.58 @ $20.37/bbl trading in a $7.16 range including the overnight-RBOB settled down 7.37/cpg and Heating Oil settled down 8.15/cpg. The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -400,000 barrels for the week ended March 13th. 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’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +2.0 million barrels for the week ended March 13th. The weekly EIA data also showed a storage decrease of -6.2 mil/bbl for Gasoline and a draw -2.9 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -7.7 million barrels last week.
Natural Gas Futures for April 2020 settled down $0.125 @ $1.604/mmbtu trading in a .173 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 -1 and -10 bcf for the week ended March 13th.That compares with a withdrawal of -48 bcf in the preceding week, a draw of -47 bcf a year earlier and a five year average pull of -46.0 bcf. Updated weather forecasts show continuing cooler than normal temperatures to maintain along the West Coast and reaching towards the Western Great Lakes region, while the Eastern half of the lower forty-eight remains closer to normal, with pockets of above normal for the deep South East