Coquest Daily Energy Report
Crude Oil Futures for October 2022 settled up $1.60 @ $83.54/bbl. trading in a $3.05 range including the overnight-RBOB settled up 3.84/cpg and Heating Oil settled down 4.59/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon (to accommodate for holiday) showed that domestic crude supplies increased by +3.6 million barrels for the week ended September 2nd, 2022. The weekly API data also showed storage decreases of -836 k/bbl. for Gasoline and a build of +1.8 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Thursday morning (to accommodate for holiday) showed that domestic crude supplies increased by +8.8 million barrels for the week ended September 2nd, 2022. The weekly EIA data also showed a increase of +400 k/bbl. for Gasoline and build of +100 k/bbl. for Distillates. Total commercial petroleum inventories decreased last week by +11.2 million barrels.
Natural Gas Futures for October 2022 settled up $0.073 @ $7.915/mmbtu trading in a 0.292 cent range including the overnight session. A year and a half after a severe winter storm nearly collapsed the state’s power grid, Texas oil and gas regulators approved new rules Tuesday that would require natural gas companies to properly prepare their equipment for extreme weather. The rules will require oil and gas companies to be able to continue operating during a weather emergency, but they do not specify the standards the agency’s inspectors will use to measure readiness. They also require companies to submit annual reports to the Texas Railroad Commission outlining what they have done to ensure their facilities won’t fail during weather emergencies. If companies do not comply with the new rules, they would be subject to a minimum $5,000 fine and a maximum fine of $1 million.
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