Coquest Daily Energy Report
Crude Oil Futures for November 2022 settled down $1.74 @ $79.49/bbl. trading in a $3.42 range including the overnight-RBOB settled down 3.50cpg and Heating Oil settled down 4.56/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +200,000 barrels for the week ending September 23rd, 2022. Gasoline inventories decreased by -2.4 mil/bbl. and Distillates also decreased for the time frame by -2.9 mil/bbl., domestic refiners ran at 90.6% versus 93.6% during the prior week. Total domestic crude oil storage now stands at 430.5 mil/bbls. (ex-SPR) an increase of approximately +8.9 million barrels over the past five weeks while Gasoline stocks have declined -3.5 mil/bbls. to 212.1 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -8.9 million barrels for the week.
Natural Gas Futures for November 2022 settled down $0.108 @ $6.766/mmbtu trading in a 0.339 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 +103.0 billion cubic feet for the week ending September 23rd, 2022- on the higher side of estimates, but in line with a majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.977 trillion cubic feet. The 2.977 tcf. represents a deficit, now standing at -5.7% or -180 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -9.3% or -306 billion cubic feet.
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