Coquest Daily Energy Report

Crude Oil Futures for October 2022 settled up $0.01 @ $85.11/bbl. trading in a $2.32 range including the overnight-RBOB settled down 1.30cpg and Heating Oil settled down 3.27/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a increase of +2.4 million barrels for the week ending September 9th, 2022. Gasoline inventories decreased by -1.8 mil/bbl. and Distillates increased for the time frame by +4.2 mil/bbl., domestic refiners ran at 91.5% versus 90.9% during the prior week. Total domestic crude oil storage now stands at 429.6 mil/bbls. (ex-SPR) an decrease of approximately -2.4 million barrels over the past five weeks while Gasoline stocks have declined -7.3 mil/bbls. to 213.0 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +5.5 million barrels for the week.

Natural Gas Futures for October 2022 settled down $0.560 @ $7.764/mmbtu trading in a 0.602 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 +77.0 billion cubic feet for the week ending September 9th, 2022- on the higher side of estimates, but certainly in line with analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.771 trillion cubic feet. The 2.771 tcf. represents a deficit, now standing at -7.4% or -223 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -11.3% or -354 billion cubic feet.


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