Daily Energy Report

Crude Oil Futures for May 2020 settled up $0.39 @ $20.48/bbl trading in a $1.84 range including the overnight-RBOB settled down 1.23/cpg and Heating Oil settled down 0.73/cpg.
Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 18-year lows as the Coronavirus pandemic threatens a painful global recession that could further hurt demand. “The Kingdom plans to raise its petroleum exports by 600,000 bpd from May, so total exports will increase to 10.6 million bpd,” said an official at the energy ministry, cited by the state-run Saudi Press Agency. Saudi Arabia had been exporting around 7.0 million barrels per day under an output reduction agreement among a 24-member producers’ alliance.

Natural Gas Futures for May 2020 settled down $0.050 @ $1.640/mmbtu trading in a .095 cent range including the overnight session.
Royal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas export plant under development following the recent cr ash in energy prices, quickly followed by its partner Energy Transfer LP, delaying its final decision on whether to go ahead with the project next year. The Lake Charles, Louisiana, facility is one of several LNG export projects worldwide that have been delayed in recent months by the collapse in global energy prices. Global LNG demand had been hitting record highs for years thanks to big demand from Asian nations like China and India as they diversify away from dirtier coal power.

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