Daily Energy Report
Crude Oil Futures for May 2020 settled down $0.24 @ $19.87/bbl trading in a $1.69 range including the overnight-RBOB settled up 0.04/cpg and Heating Oil settled down 3.04/cpg.
The American Petroleum Institute’s weekly storage report released late Tuesday afternoon showed that domestic crude supplies increased by -+13.1 million barrels for the week ended April 10th. The weekly API data also showed storage increases of +2.2 mil/bbl for Gasoline and +5.6 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +19.2 million barrels for the week ended April 10th. The weekly EIA data also showed a storage increases of +4.9mil/bbl for Gasoline and +6.3 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +27.2 million barrels last week.
Natural Gas Futures for May 2020 settled down $0.050 @ $1.733/mmbtu trading in a .104 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 +70 and +75 bcf for the week ended April 10th.That compares with an increase of +38 bcf in the preceding week, a build of +92 bcf a year earlier and a five year average injection of +25.2 bcf. Updated weather forecasts show mostly normal temperatures to return for three-quarters of the lower forty-eight, with lingering below average temperatures encompassing the Great Lake and Ohio Valley regions