Coquest Daily Energy Report
Crude Oil Futures for August 2022 settled up $2.06 @ $104.79/bbl. trading in a 3.73 range including the overnight-RBOB settled up 2.67/cpg and Heating Oil settled down 0.10/cpg. Thursday morning’s (to accommodate for Holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +8.2 million barrels for the week ending July 1, 2022. Gasoline inventories decreased by -2.5 mil/bbl. and Distillates also decreased for the time frame by -1.3 mil/bbl., domestic refiners ran at 94.5% versus 95.0% during the prior week. Total domestic crude oil storage now stands at 423.8 mil/bbls. (ex-SPR) an increase of approximately +9.1 mil/bbl. over the past five weeks while Gasoline stocks are up +116 k/bbls. to 219.1 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +5.1 million barrels for the week.
Natural Gas Futures for August 2022 settled down $0.263 @ $6.034/mmbtu trading in a 0.293 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 +60.0 billion cubic feet for the week ending July 1, 2022- on the lowest side of estimates, but in line with some analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.311 trillion cubic feet. The 2.311 tcf. represents a deficit, now standing at -10.1% or -261 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.2% or -322 billion cubic feet.
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