Coquest Daily Energy Report

Crude Oil Futures for August 2022 settled up $2.67 @ $108.43/bbl. trading in a $4.78 range including the overnight-RBOB settled up 15.15/cpg and Heating Oil settled up 10.84/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -2.8 million barrels for the week ending June 24, 2022. Gasoline inventories increased by +2.6 mil/bbl. and Distillates also increased for the time frame by -2.6 mil/bbl., domestic refiners ran at 95.0% versus 94.0% during the prior week. Total domestic crude oil storage now stands at 415.5 mil/bbls. (ex-SPR) a decrease of approximately -4.3 mil/bbl. over the past five weeks while Gasoline stocks are up +1.9 mil/bbls. to 221.6 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +6.3 million barrels for the week.

Natural Gas Futures for August 2022 settled up $0.306 @ $5.730/mmbtu trading in a 0.360 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 +82.0 billion cubic feet for the week ending June 24, 2022- on the higher side of estimates, but in line with most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.251 trillion cubic feet. The 2.251 tcf. represents a deficit, now standing at -11.6% or -296 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.5% or -322 billion cubic feet.


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