Coquest Daily Energy Report

Crude Oil Futures for September 2022 settled down $1.65 @ $94.70/bbl. trading in a $3.720 range including the overnight-RBOB settled up 7.33/cpg and Heating Oil settled down 13.47/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -400,00 barrels for the week ending July 15, 2022. Gasoline inventories increased by +3.5 mil/bbl. and Distillates decreased for the time frame by -1.3 mil/bbl., domestic refiners ran at 93.7% versus 94.9% during the prior week. Total domestic crude oil storage now stands at 426.6 mil/bbls. (ex-SPR) an increase of approximately +7.9 mil/bbl. over the past five weeks while Gasoline stocks are up +11.0 mil/bbls. to 228.4 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +1.1 million barrels for the week.

Natural Gas Futures for August 2022 settled up $0.367 @ $8.299/mmbtu trading in a 0.667 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 +32.0 billion cubic feet for the week ending July 15, 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 2.401 trillion cubic feet. The 2.401 tcf. represents a deficit, now standing at -10.1% or -270 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.0% or -328 billion cubic feet.


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