Coquest Daily Energy Report

Crude Oil Futures for October 2022 settled up $0.55 @ $83.49/bbl. trading in a $3.60 range including the overnight-RBOB settled up 2.92/cpg and Heating Oil settled up 7.77/cpg. According to Energy Information Administration data, domestic crude oil imports averaged 6.9 million barrels per day last week, an increase of +1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day or + 4.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 775,000 barrels per day, and distillate fuel imports averaged 107,000 barrels per day. U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending September 16, 2022 which was 333,000 barrels per day more than the previous week’s average.

Natural Gas Futures for October 2022 settled down $0.690 @ $7.089/mmbtu trading in a 0.715 cent range including the overnight session. Germany is nationalizing Uniper-its largest importer of natural gas-as part of a 7.9-billion-dollar plan to prevent an energy shortage this winter. The German government will hold around 99% of Uniper and 8% of its Finnish parent company Fortum, German Economy Minister Robert Habeck told journalists in Berlin on Wednesday. In July, Chancellor Olaf Scholz announced the government would step in to bail out Uniper with a package worth up to $15.3 billion after it was brought to its knees by months of Russian supply cuts and soaring spot market prices. Under the rescue deal, the government committed to provide $7.8 billion to cover potential future losses, while state-run bank KfW agreed to increase its credit facility by $7.1 billion.


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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.