Daily Energy Report

Crude Oil Futures for May 2020 settled down $1.09 @ $21.51/bbl trading in a $2.56 range including the overnight-RBOB settled up 2.99/cpg and Heating Oil settled up 1.82/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +1.6 mil/bbl. for the week ending March 20th. Gasoline inventories were down by -1.5 mil/bbl and Distillates were also down for the time frame by -700 K/bbl., domestic refiners ran at 87.3% versus 86.4% just a week ago. Total domestic crude storage now stands at 455.4 mil/bbls (ex-SPR) an increase of approximately +12.5 mil/bbl over the past five weeks while Gasoline stocks are down an amazing -19.8 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +2.4 mil/bbl. last week.

Natural Gas Futures for April 2020 settled down $0.003 @ $1.634/mmbtu trading in a .053 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 -29 bcf for the week ending March 20, 2020 on the higher side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.005 tcf. The 2.005 tcf represents a surplus, now standing at +79.5% or +888 bcf versus the year over year average, while the surplus versus the five year average also continues to deepen- now standing at +17.0% or 292 bcf.