Daily Energy Report
Crude Oil Futures for May 2020 settled up $0.48 @ $24.49/bbl trading in a $2.33 range including the overnight-RBOB settled up 10.31/cpg and Heating Oil settled up 1.75/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -1.2 million barrels for the week ended March 20th. The weekly API data also showed storage decreases of -2.6 mil/bbl for Gasoline and -1.9 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.6 million barrels for the week ended March 20th. The weekly EIA data also showed a storage decrease of -1.5 mil/bbl for Gasoline and a draw -700k/bbl for Distillates. Total commercial petroleum inventories increased last week by +2.4 million barrels last week.
Natural Gas Futures for April 2020 settled up $0.006 @ $1.659/mmbtu trading in a .078 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 -19 and -25 bcf for the week ended March 20th.That compares with a withdrawal of -9 bcf in the preceding week, a draw of -36 bcf a year earlier and a five year average pull of -23.2 bcf. Updated weather forecasts show the bulk of the nation’s temperatures to be in the normal range over the next six to ten day time frame, with isolated regions of slightly above normal for the Upper Plains and Deep Southern zones.