Coquest Daily Energy Report

Crude Oil Futures for January 2022 settled down $0.24 @ $66.26/bbl trading in a $3.61 range including the overnight-RBOB settled down 1.48/cpg and Heating Oil settled down 0.50/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -900,000 barrels for the week ending November 26th, 2021. Gasoline inventories increased by +4.0 mil/bbl and Distillates also built for the time frame by +2.2 mil/bbl., domestic refiners ran at 88.8% versus 88.6% during the prior week. Total domestic crude storage now stands at 433.1 mil/bbls (ex-SPR) an increase of approximately +2.3 mil/bbl over the past five weeks while Gasoline stocks are down -300 K/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +4.3 million barrels last week.

 

Natural Gas Futures for January 2022 settled up $0.132 @ $4.132/mmbtu trading in a .195 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 decreased by -59 billion cubic feet for the week ended November 26th, 2021 directly in-line with analysts’ estimates and forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.564 trillion cubic feet. The 3.564 tcf represents a deficit, now standing at -9.5% or -375 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -2.4% or -86 billion cubic feet.

 

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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.

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