Coquest Daily Energy Report

Crude Oil Futures for January 2022 settled up $0.31 @ $72.36/bbl trading in a $2.09 range including the overnight-RBOB settled up 4.85/cpg and Heating Oil settled up 3.67/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.1 million barrels for the week ended December 3rd. The weekly API data also showed storage increases of +3.7 mil/bbl for Gasoline and +1.2 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -200,000 barrels for the week ended December 3rd. The weekly EIA data also showed storage increases of +3.9 mil/bbl for Gasoline and +2.7 mil/bbl for Distillates. Total commercial petroleum inventories increased last week by +4.2 million barrels last week.

 

Natural Gas Futures for January 2022 settled up $0.107 @ $3.815/mmbtu trading in a .208 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -56 and -64 billion cubic feet for the week ended December 3rd.That compares with a withdrawal of-59 bcf in the preceding week, a draw of -91 bcf a year earlier and a five year average pull of -53.4 billion cubic feet. Updated weather forecasts show continuing above average temperatures to prevail across the majority of the lower forty-eight over the next six-to-ten-day period.

 

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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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