Daily Report 06.17.2020

Crude Oil Futures for July 2020 settled down $0.42 @ $37.96/bbl trading in a $1.54 range including the overnight-RBOB settled up 0.80/cpg and Heating Oil settled down 0.02/cpg.

The American Petroleum Institute’s weekly petroleum storage report released late Tuesday afternoon showed that domestic crude supplies increased by +3.9 million barrels for the week ended June 12th. The weekly API data also showed a storage increase of +4.2 mil/bbl for Gasoline and a +910K/bbl build for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.2 million barrels for the week ended June 12th. The weekly EIA data also showed a storage decrease of -1.7 mil/bbl for Gasoline and a draw -1.4 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +7.1 million barrels last week.

Natural Gas Futures for July 2020 settled up $0.024 @ $1.638/mmbtu trading in a .046 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 +82 and +88 bcf for the week ended June 12th.That compares with an increase of +93 bcf in the preceding week, a build of +115 bcf a year earlier and a five year average injection of +89.2 bcf. Updated weather forecasts show mostly normal temperatures for a majority of the lower forty-eight, with pockets of above normal for the Northwest region and somewhat below seasonal norms for the upper Great Lakes region.

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