Coquest Daily Energy Report
Crude Oil Futures for October 2022 settled up $0.54 @ $93.06/bbl. trading in a $2.94 range including the overnight-RBOB settled up 3.92/cpg and Heating Oil settled up 5.85/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -3.3 million barrels for the week ending August 19th, 2022. Gasoline inventories remained unchanged and Distillates decreased for the time frame by -700 k/bbl., domestic refiners ran at 93.8% versus 93.5% during the prior week. Total domestic crude oil storage now stands at 421.6 mil/bbls. (ex-SPR) a decrease of approximately -4.9 million barrels. over the past five weeks while Gasoline stocks have declined -12.8 mil/bbls. to 215.6 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +1.4 million barrels for the week.
Natural Gas Futures for September 2022 settled down $0.079 @ $9.296/mmbtu trading in a 0.482 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 +60.0 billion cubic feet for the week ending August 12th, 2022- on the highest side of estimates, but in line with some analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.579 trillion cubic feet. The 2.579 tcf. represents a deficit, now standing at -9.4% or -296 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -12.0% or -353 billion cubic feet.
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