Coquest Daily Energy Report
Crude Oil Futures for November 2022 settled up $3.65 @ $82.15/bbl. trading in a $5.79 range including the overnight-RBOB settled up 8.48/cpg and Heating Oil settled up 18.95/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +4.2 million barrels for the week ended September 23rd, 2022. The weekly API data also showed a storage decrease of -1.0 mil/bbl. for Gasoline and a build of +1.4 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +200,000 barrels for the week ended September 23rd, 2022. The weekly EIA data also showed a decrease of -2.4 mil/bbl. for Gasoline and a -2.9 mil/bbl. draw for Distillates. Total commercial petroleum inventories decreased last week by -8.9 million barrels.
Natural Gas Futures for October 2022 settled up $0.217 @ $6.868/mmbtu trading in a 0.445 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +100 and +107 billion cubic feet for the week ended September 23rd, 2022. That compares with an increase of +103.0 bcf in the preceding week, a build of +88.0 bcf. a year earlier and a five-year average injection of +74.0 bcf. Updated weather forecasts show a continuation of the above normal temperatures for the western two-thirds of the lower forty-eight, while the Ohio Valley and East coast regions look to experience near normal temperatures over the next six-to-ten day time frame.
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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.Back