Coquest Daily Energy Report

Crude Oil Futures for November 2022 settled down $1.51 @ $91.13/bbl. trading in a $3.08 range including the overnight-RBOB settled down 11.18/cpg and Heating Oil settled down 10.40/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -1.4 million barrels for the week ending September 30th, 2022. Gasoline inventories decreased by -4.7 mil/bbl. and Distillates also decreased for the time frame by -3.4 mil/bbl., domestic refiners ran at 91.3% versus 90.6% during the prior week. Total domestic crude oil storage now stands at 429.2 mil/bbls. (ex-SPR) an increase of approximately +10.9 million barrels over the past five weeks while Gasoline stocks have declined -7.0 mil/bbls. to 207.4 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -10.0 million barrels for the week.

Natural Gas Futures for November 2022 settled down $0.313 @ $6.435/mmbtu trading in a 0.490 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday morning showed that Natural Gas storage increased by +129.0 billion cubic feet for the week ending September 30th, 2022- on the very highest side of estimates. According to EIA statistics, the current domestic natural gas storage total stands at 3.106 trillion cubic feet. The 3.106 tcf. represents a deficit, now standing at -5.0% or -165 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -7.8% or -264 billion cubic feet.


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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.