Coquest Daily Energy Report

Crude Oil Futures for January 2022 settled down $0.61 @ $65.57/bbl trading in a $4.13 range including the overnight-RBOB settled up 1.10/cpg and Heating Oil settled up 1.68/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -747,000 barrels for the week ended November 26th. The weekly API data also showed storage increases of +2.2 mil/bbl for Gasoline and +800 K/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -900,000 barrels for the week ended November 26th. The weekly EIA data also showed storage increases of +4.0 mil/bbl for Gasoline and +2.2 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +4.3 million barrels last week.

 

Natural Gas Futures for January 2022 settled down $0.309 @ $4.258/mmbtu trading in a .444 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a withdrawal of between -50 and -60 billion cubic feet for the week ended November 26th, 2021. That compares with a decrease of -21 bcf in the preceding week, a draw of -1 bcf a year earlier and a five year average pull of -32.4 billion cubic feet. Updated weather forecasts show mostly above normal temperatures to be expected for a majority of the lower forty-eight, with the exception of the most northern Great Lakes region over the next six to ten day time frame.

 

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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.

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