Coquest Daily Energy Report

Crude Oil Futures for October 2022 settled down $2.37 @ $92.52/bbl. trading in a $3.47 range including the overnight-RBOB settled up 1.14/cpg and Heating Oil settled down 6.41/cpg. According to weekly Energy Administration data, U.S. crude oil imports averaged 6.2 million barrels per day last week, an increase of +40,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day or +1.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 615,000 barrels per day, and distillate fuel imports averaged 173,000 barrels per day. U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending August 19, 2022 which was -168,000 barrels per day less than the previous week’s average.

Natural Gas Futures for September 2022 settled up $0.045 @ $9.375/mmbtu trading in a 0.244 cent range including the overnight session. Italy’s push to rapidly reduce its dependence on Russian natural gas will make the country less vulnerable to an interruption of supplies, Premier Mario Draghi said Wednesday, noting that gas storage is 80% full ahead of winter and on track to hit 90% by October. Draghi told residents near the seaside town of Rimini that Italy has reduced its reliance on Russian natural gas from 40% last year to half that by finding new sources in countries from Algeria to Azerbaijan. Italy could be completely independent of Russia by fall 2024 if it installs two new regasification plants, he added. “Our goal of diversifying from Russian gas was fundamental to giving citizens and businesses greater certainly about the stability of supplies,” said Draghi.


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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.