Coquest Daily Energy Report
Crude Oil Futures for August 2022 settled up $3.35 @ $107.62/bbl. trading in a $4.94 range including the overnight-RBOB settled up 11.92/cpg and Heating Oil settled up 2.50/cpg. The Energy Information Administration currently forecasts that new fields coming online in 2022 will account for 5.0% of natural gas production and 14.0% of crude oil production in the U.S. Federal Offshore Gulf of Mexico (GOM) by the end of 2023. The EIA expects that GOM natural gas production will average 2.1 billion cubic feet per day in 2023, down -0.1 bcf/d from 2022. The EIA also expects that GOM crude oil production will average 1.8 million barrels per day in 2023, about the same as in 2022. Currently, no GOM fields are scheduled to start up in 2023.
Natural Gas Futures for July 2022 settled down $0.019 @ $6.220/mmbtu trading in a 0.316 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 +74.0 billion cubic feet for the week ending June 17, 2022- in line with most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.169 trillion cubic feet. The 2.169 tcf. represents a deficit, now standing at -12.3% or -305 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -13.2% or -331 billion cubic feet.
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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.
