Coquest Daily Energy Report
Crude Oil Futures for October 2022 settled up $0.01 @ $86.88/bbl. trading in a $4.21 range including the overnight-RBOB settled down 4.77/cpg and Heating Oil settled down 0.42/cpg. Last 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 26th, 2022. Gasoline inventories decreased by -1.2 mil/bbl. and Distillates increased for the time frame by +100 k/bbl., domestic refiners ran at 92.7% versus 93.8% during the prior week. Total domestic crude oil storage now stands at 418.3 mil/bbls. (ex-SPR) a decrease of approximately -3.7 million barrels. over the past five weeks while Gasoline stocks have declined -10.7 mil/bbls. to 214.4 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -200,000 barrels for the week.
Natural Gas Futures for October 2022 settled down $0.641 @ $8.145/mmbtu trading in a 1.303 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 increased by +61.0 billion cubic feet for the week ending August 26th, 2022- on the higher side of estimates, but in line with most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.640 trillion cubic feet. The 2.640 tcf. represents a deficit, now standing at -7.9% or -228 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -11.3% or -338 billion cubic feet.
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