Coquest Daily Energy Report

Crude Oil Futures for January 2022 settled up $3.23 @ $69.49/bbl trading in a $3.43 range including the overnight-RBOB settled up 9.04/cpg and Heating Oil settled up 7.28/cpg.  Last 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 down $0.475 @ $3.657/mmbtu trading in a .256 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last 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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