Daily Energy Report

Crude Oil Futures for May 2020 settled down $1.60 @ $18.27/bbl trading in a $2.91 range including the overnight-RBOB settled up 0.56/cpg and Heating Oil settled up 1.00/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a record increase of +19.2 mil/bbl. for the week ending April 10th. Gasoline inventories were up by +2.2 mil/bbl and Distillates were also up for the time frame by +5.6 mil/bbl., domestic refiners ran at at a mere 69.1% versus 75.6% just a week ago. Total domestic crude storage now stands at 503.6 mil/bbls (ex-SPR) a staggering increase of approximately +51.9 mil/bbl over the past five weeks while gasoline stocks have increased by +15.2 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased last week by +27.2 mil/bbl. last week.

Natural Gas Futures for May 2020 settled up $0.067 @ $1.753/mmbtu trading in a .145 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 increased by +73 bcf for the week ending April 10th, 2020 on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at2.097 tcf. The 2.097 tcf represents a surplus, now standing at +71.7% or +876 bcf versus the year over year average, while the surplus versus the five year average also continues-now standing at +21.4% or +370 bcf.