Daily Energy Report

Crude Oil Futures for May 2020 settled up $1.46 @ $25.09/bbl trading in a $2.71 range including the overnight-RBOB settled up 2.98/cpg and Heating Oil settled down 1.68/cpg.
The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +11.9 million barrels for the week ended April 3rd. The weekly API data also showed a storage increase of +9.4 mil/bbl for Gasoline and a decrease of -177 K/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +15.2 million barrels for the week ended April 3rd. The weekly EIA data also showed storage increases of +10.5 mil/bbl for Gasoline and +476 K/bbl for Distillates. Total commercial petroleum inventories increased last week by +33.0 million barrels last week.

Natural Gas Futures for May 2020 settled down $0.069 @ $1.783/mmbtu trading in a .147 cent range including the overnight session.
Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +25 and +30 bcf for the week ended April 3rd.That compares with a decrease of -19 bcf in the preceding week, a build of +25 bcf a year earlier and a five year average injection of +8.6 bcf. Updated weather forecasts show mostly unseasonal cool to colder than average temperatures to prevail across 90% of the lower fortyeight, from coast-to-coast, with much below average temps for the heart of the nation over the next six to ten day time frame.

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