Coquest Daily Energy Report

Crude Oil Futures for August 2022 settled down $4.02 @ $105.76/bbl. trading in a $5.35 range including the overnight-RBOB settled down 18.70/cpg and Heating Oil settled down 13.85/cpg. According to Energy Information Administration data, domestic crude oil imports averaged 6.0 million barrels per day last week, a decrease of -0.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day or -5.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 824,000 barrels per day, and distillate fuel imports averaged 97,000 barrels per day.

Natural Gas Futures for August 2022 settled down $1.074 @ $5.424/mmbtu trading in a 1.245 cent range including the overnight session. The Energy Information Administration currently expects the Henry Hub spot price to average $8.690 per million British thermal units in 3Q22, up from an average of $8.130/mmbtu in May. Natural gas prices are rising mainly because of three factors: natural gas inventories that are below the five-year average, steady demand for U.S. liquefied natural gas exports, and high demand for natural gas from the electric power sector given limited opportunities for natural gas-to-coal switching. In 2023, we expect the Henry Hub price will average $4.740/mmbtu amid rising natural gas production.


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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.