Coquest Daily Energy Report

Crude Oil Futures for January 2022 settled down $0.38 @ $71.29/bbl trading in a $2.29 range including the overnight-RBOB settled down 2.07/cpg and Heating Oil settled down 1.88/cpg.  Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -200,000 barrels. for the week ended December 3rd, 2021. Gasoline inventories increased by +3.9 mil/bbl and Distillates were also up for the time frame by +2.7 mil/bbl., domestic refiners ran at 89.8% versus 88.8% during the prior week. Total domestic crude storage now stands at 432.9 mil/bbls (ex-SPR) a decrease of approximately -1.3 million barrels over the past five weeks while Gasoline stocks increased by +5.1 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +4.2 million barrels last week.


Natural Gas Futures for January 2022 settled down $0.131 @ $3.794/mmbtu trading in a .315 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 decreased by -59 billion cubic feet for the week ending December 3rd, 2021-within the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.505 trillion cubic feet. The 3.505 tcf represents a deficit, now standing at -9.2% or -356 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -2.5% or -90 billion cubic feet.


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