Coquest Daily Energy Report
Crude Oil Futures for September 2022 settled down $0.84 @ $96.42/bbl. trading in a $3.80 range including the overnight-RBOB settled up 3.58/cpg and Heating Oil settled down 3.10/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -4.04 million barrels for the week ended July 22, 2022. The weekly API data also showed storage decreases of -1.1 mil/bbl. for Gasoline and -554 k/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -4.5 million barrels for the week ended July 22, 2022. The weekly EIA data also showed storage decreases of -3.3 mil/bbl for Gasoline and -800 k/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -3.3 million barrels last week.
Natural Gas Futures for September 2022 settled down $0.420 @ $8.134/mmbtu trading in a 0.742 cent range including the overnight session. According to Energy Information Administration data, the spot price of natural gas at Henry Hub averaged $6.070 per million British thermal units in the first half of 2022. The average price increased in each month from January through May, when it reached $8.140/mmbtu before declining to $7.700/mmbtu in June. We expect the Henry Hub spot price will average $5.970/mmbtu in 2H22 and average $4.760/mmbtu in 2023. Thursday mornings weekly EIA storage report show a build of 15 bcf. for the week.
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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