Coquest Daily Energy Report

Crude Oil Futures for August 2022 settled down $1.92 @ $104.27/bbl. trading in a $4.73 range including the overnight-RBOB settled down 6.85/cpg and Heating Oil settled down 6.67/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon (to accommodate for Holiday) showed that domestic crude supplies increased by +5.6 million barrels for the week ended June 17, 2022. The weekly API data also showed a storage increase of +1.2 mil/bbl. for Gasoline and a draw of -1.6 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report scheduled to be released early Thursday morning (to accommodate for Holiday) will be delay because of EIA’s system issues.

Natural Gas Futures for July 2022 settled down $0.619 @ $6.239/mmbtu trading in a 0.665 cent range including the overnight session. European natural gas prices rose for a third day, with the threat of extended Russian supply cuts spurring concerns that the pace of restocking storage sites will be slower than expected. The reduction in gas supply from Russia is making it more challenging to reach Germany’s storage target of 90.0% fill by the start of the winter, German Economy Minister Robert Habeck said. “There is definitely reason for concern,” Habeck said Wednesday, referring mainly to the throttled gas supplies from Russia via the Nord Stream pipeline, according to an account of a energy committee hearing. The country’s storage sites currently stand at 58.4% full as of Wednesday.


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