Coquest Daily Energy Report
Crude Oil Futures for August 2022 settled down $1.98 @ $109.78/bbl. trading in a $4.80 range including the overnight-RBOB settled down 10.81/cpg and Heating Oil settled down 16.27/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon showed that domestic crude supplies decreased by -3.8 million barrels for the week ended June 24, 2022. The weekly API data also showed storage increases of +2.8 mil/bbl. for Gasoline and +2.6 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -2.8 million barrels for the week ended June 24, 2022. The weekly EIA data also showed storage increases of +2.6 mil/bbl for Gasoline and +2.6 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +6.3 million barrels last week.
Natural Gas Futures for August 2022 settled down $0.072 @ $6.858/mmbtu trading in a .380 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 +76 and +84 billion cubic feet for the week ended June 24, 2022. That compares with an increase of +74 bcf in the preceding week, a build of +76.0 bcf. a year earlier and a five-year average injection of +70.2 bcf. Updated weather forecasts show, from border-to-border a continuation of above normal temperatures for the heart of the lower forty-eight, while the West Coast and most Northern New England regions remain closer to normal 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.Back