Daily Energy Report

Crude Oil Futures for May 2020 settled down $0.35 @ $22.41/bbl trading in a $2.71 range including the overnight-RBOB settled up 2.60/cpg and Heating Oil settled up 2.20/cpg.
Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +15.2 mil/bbl. for the week ending April 3rd. Gasoline inventories were up by +10.5 mil/bbl and Distillates gained for the time frame by +476 K/bbl., domestic refiners ran at a mere 75.6% versus 82.3% just a week ago. Total domestic crude storage now stands at 484.4 mil/bbls (ex-SPR) a staggering increase of approximately +40.2 mil/bbl over the past five weeks while Gasoline stocks were up 5.3 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +33.0 mil/bbl. last week.

Natural Gas Futures for May 2020 settled down $0.009 @ $1.724/mmbtu trading in a .115 cent range including the overnight session.
The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday morning showed that Natural Gas storage increased by -+38 bcf for the week ending April 3rd, 2020 on the highest side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.024 tcf. The 2.024 tcf represents a surplus, now standing at +76.3% or +878 bcf versus the year over year average, while the surplus versus the five year average also continues- now standing at +19.1% or +324 bcf.