Daily Energy Report

Crude Oil Futures for May 2020 settled down $0.17 @ $20.31/bbl trading in a $1.21 range including the overnight-RBOB settled down 4.62/cpg and Heating Oil settled down 6.92/cpg.
The American Petroleum Institute’s weekly crude oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by + 10.5 million barrels for the week ended March 27th. The weekly API data also showed a storage increase of +7.5mil/bbl for Gasoline and a draw of -4.5 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morni ng showed that domestic crude supplies increased by +13.8 million barrels for the week ended March 27th. The weekly EIA data also showed a storage increase of +7.5mil/bbl for Gasoline and a draw -2.2 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +20.1 million barrels last week.

Natural Gas Futures for May 2020 settled down $0.053 @ $1.587/mmbtu trading in a .099 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 -12 and -18 bcf for the week ended March 27th.That compares with a withdrawal of -29 bcf in the preceding week, a build of +23 bcf a year earlier and a five year average pull of -9.4 bcf. Updated weather forecasts show continuing cooler than normal temperatures to persist from Seattle to San Diego, while th e eastern two-thirds of the lower forty-eight continue to see a deepening warming trend-particular to the Gulf States, Southeast Texas and Northwest Fla.

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