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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