Coquest Daily Energy Report

Crude Oil Futures for September 2022 settled down $4.73 @ $93.89/bbl. trading in a $6.23 range including the overnight-RBOB settled down 11.51/cpg and Heating Oil settled down 10.90/cpg.  Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -4,500,000 barrels for the week ending July 22, 2022. Gasoline inventories decreased by -3.3 mil/bbl. and Distillates also decreased for the time frame by -800 k/bbl., domestic refiners ran at 92.2% versus 93.7% during the prior week. Total domestic crude oil storage now stands at 422.1 mil/bbls. (ex-SPR) an increase of approximately +3.7 mil/bbl. over the past five weeks while Gasoline stocks are up +6.2 mil/bbls. to 225.1 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -3.3 million barrels for the week.

Natural Gas Futures for September 2022 settled up $0.054 @ $8.283/mmbtu trading in a 0.545 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 +15.0 billion cubic feet for the week ending July 22, 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 2.416 trillion cubic feet. The 2.416 tcf. represents a deficit, now standing at -10.8% or -293 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.5% or -345 billion cubic feet.


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