Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled down $3.33 @ $106.19/bbl. trading in a $8.23 range including the overnight-RBOB settled up 3.96/cpg and Heating Oil settled up 4.62/cpg. Operable refining capacity in the United States has hit a nearly decade low in 2022, the Energy Information Administration latest Refining Capacity Report showed on Tuesday. Domestic refining capacity fell this year to 17.94 million barrels per day as of January 1, according to the latest data—down from 18.09 million/bpd on January 1 last year. U.S. refining capacity is now the lowest it’s been since 2014.The total number of operable refineries rose to 130, up from 129 last year, with the number of operating refineries increasing by 1. Compared to operable U.S. refining capacity as of January 1, 2020, this year’s refining capacity has decreased by more than a million barrels per day.
Natural Gas Futures for July 2022 settled up $0.050 @ $6.858/mmbtu trading in a .355 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 +82 billion cubic feet for the week ended June 17, 2022. That compares with an increase of +92 bcf in the preceding week, a build of +55.0 bcf. a year earlier and a five-year average injection of +89.2 bcf. Updated weather forecasts show, with the exemption of the heat for West Coast regions, the lower forty-eight currently looks to experience mostly average seasonal temperatures over the next six-to-ten day time frame.
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