Coquest Daily Energy Report
Crude Oil Futures for November 2022 settled up $1.84 @ $89.11/bbl. trading in a $4.10 range including the overnight-RBOB settled up 7.31/cpg and Heating Oil settled up 16.20/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon (to accommodate for Holiday) showed that domestic crude supplies increased by +7.0 million barrels for the week ended October 7th, 2022. The weekly API data also showed a storage increase of +2.0 mil/bbl. for Gasoline and a -4.5 mil/bbl. draw for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Thursday morning (to accommodate for Holiday) showed that domestic crude supplies increased by +9.9 million barrels for the week ended October 7th, 2022. The weekly EIA data also showed an increase of +2.0 mil/bbl. for Gasoline and a -4.9 mil/bbl. draw for Distillates. Total commercial petroleum inventories increased last week by +8.0 million barrels.
Natural Gas Futures for November 2022 settled up $0.306 @ $6.741/mmbtu trading in a 0.440 cent range including the overnight session. Germany and the Netherlands have proposed a package of 10 measures that the European Union could use to curb gas prices and avoid fuel rationing, including looking into setting a new benchmark price for liquefied natural gas. The plan for the most part calls for the EU to kickstart joint gas buying, to avoid one country outbidding another and driving prices higher. The two countries said they were open to the EU creating a new LNG benchmark and asked the European Commission to develop this while assessing whether such a price needed to remain voluntary. They said a broad gas price cap on imports was a less preferable option.
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