Coquest Daily Energy Report
Crude Oil Futures for September 2022 settled up $0.27 @ $90.77/bbl. trading in a $3.71 range including the overnight-RBOB settled down 0.86/cpg and Heating Oil settled up 5.08/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -7.1 million barrels for the week ending August 12th, 2022. Gasoline inventories decreased by -4.6 mil/bbl. and Distillates increased for the time frame by +800 k/bbl., domestic refiners ran at 93.5% versus 94.3% during the prior week. Total domestic crude oil storage now stands at 424.9 mil/bbls. (ex-SPR) a decrease of approximately -2.1 million barrels. over the past five weeks while Gasoline stocks have declined -9.4 mil/bbls. to 215.6 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -9.2 million barrels for the week.
Natural Gas Futures for September 2022 settled up $0.148 @ $9.336/mmbtu trading in a 0.525 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 +18.0 billion cubic feet for the week ending August 12th, 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 2.519 trillion cubic feet. The 2.519 tcf. represents a deficit, now standing at -10.5% or -296 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.7% or -367 billion cubic feet.
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