Coquest Daily Energy Report

Crude Oil Futures for September 2022 settled up $0.47 @ $89.01/bbl. trading in a $3.75 range including the overnight-RBOB settled up 6.21/cpg and Heating Oil settled down 12.13/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +4,500,000 barrels for the week ending July 29, 2022. Gasoline inventories increased by +200 k/bbl. and Distillates decreased for the time frame by -2.4 mil/bbl., domestic refiners ran at 91.0% versus 92.2% during the prior week. Total domestic crude oil storage now stands at 426.5 mil/bbls. (ex-SPR) an increase of approximately +11 million barrels. over the past five weeks while Gasoline stocks are up +3.6 mil/bbls. to 225.3 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +3.5 million barrels for the week.

Natural Gas Futures for September 2022 settled down $0.058 @ $8.064/mmbtu trading in a 0.350 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 +41.0 billion cubic feet for the week ending July 29, 2022- on the higher side of estimates, but certainly in line with analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.457 trillion cubic feet. The 2.457 tcf. represents a deficit, now standing at -9.8% or -268 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.1% or -337 billion cubic feet.


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