Coquest Daily Energy Report
Crude Oil Futures for October 2022 settled down $3.38 @ $85.10/bbl. trading in a $4.62 range including the overnight-RBOB settled down 9.58/cpg and Heating Oil settled down 17.37/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +6.0 million barrels for the week ended September 9th, 2022. The weekly API data also showed storage a decrease of -3.2 mil/bbl. for Gasoline and a build of +1.8 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +2.4 million barrels for the week ended September 9th, 2022. The weekly EIA data also showed a decrease of -1.8 mil/bbl. for Gasoline and build of +4.2 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +5.5 million barrels.
Natural Gas Futures for October 2022 settled down $0.790 @ $8.324/mmbtu trading in a 0.899 cent range including the overnight session. Gas accounts for about 20% of EU generation, and gas-fired generation has been increasing year-on-year over the first eight months of 2022.The European Commission will propose two targets on power demand reduction: an objective to cut overall consumption and a mandatory goal on lowering demand during selected peak hours, according to a draft regulation. It will also aim to cap excessive revenues of companies producing power from sources other than gas, through a limit on the price of electricity generated from technologies such as renewables, lignite or nuclear energy. All changes need to be signed off by member states.
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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.
