Daily Energy Report

Crude Oil Futures for May 2020 settled up $3.02 @ $28.34/bbl trading in a $5.56 range including the overnight-RBOB settled up 2.88/cpg and Heating Oil settled up 7.55/cpg.
Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed the first outsized build of +13.8 mil/bbl. for the week ending March 27th. Gasoline inventories were up by +7.5 mil/bbl and Distillates were down for the time frame by -2.2 mil/bbl., domestic refiners ran at only 82.3% versus 87.3% just a week ago. Total domestic crude storage now stands at 469.2 mil/bbls (ex-SPR) a staggering increase of approximately +25.9 mil/bbl over the past five weeks while Gasoline stocks are down -9.5 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by a staggering +20.1 mil/bbl. last week.

Natural Gas Futures for May 2020 settled up $0.069 @ $1.621/mmbtu trading in a .103 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 -19 bcf for the week ending March 27th, 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 1.986 tcf. The 1.986 tcf represents a surplus, now standing at +76.8% or +863 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +17.2% or 292 bcf.