Coquest Daily Energy Report

Crude Oil Futures for October 2022 settled up $0.99 @ $87.78/bbl. trading in a $3.94 range including the overnight-RBOB settled up 1.17/cpg and Heating Oil settled up 2.44/cpg. Last Thursday morning’s (to accommodate for holiday) weekly Energy Information Administration domestic Crude Oil storage data showed a increase of +8.8 million barrels for the week ending September 2nd, 2022. Gasoline inventories increased by +400 k/bbl. and Distillates also increased for the time frame by +100 k/bbl., domestic refiners ran at 90.9% versus 92.7% during the prior week. Total domestic crude oil storage now stands at 427.2 mil/bbls. (ex-SPR) an increase of approximately +640,000 barrels. over the past five weeks while Gasoline stocks have declined -10.4 mil/bbls. to 214.8 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +11 million barrels for the week.

Natural Gas Futures for October 2022 settled up $0.253@ $8.249/mmbtu trading in a 0.551 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 +54.0 billion cubic feet for the week ending September 2nd, 2022- on the lowest side of estimates, but in line with analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.694 trillion cubic feet. The 2.694 tcf. represents a deficit, now standing at -7.6% or -222 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -11.5% or -349 billion cubic feet.

 

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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.

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