Coquest Daily Energy Report
Crude Oil Futures for November 2022 settled down $3.50 @ $85.61/bbl. trading in a $4.53 range including the overnight-RBOB settled down 7.25/cpg and Heating Oil settled down 11.46/cpg. Thursday morning’s (to accommodate for the Holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +9.9 million barrels for the week ending October 7th, 2022. Gasoline inventories increased by +2.0 mil/bbl. and Distillates decreased for the time frame by -4.9 mil/bbl., domestic refiners ran at 89.9% versus 91.3% during the prior week. Total domestic crude oil storage now stands at 439.0 mil/bbls. (ex-SPR) an increase of approximately +11.9 million barrels over the past five weeks while Gasoline stocks have declined -5.4 mil/bbls. to 209.4 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +8.0 million barrels for the week.
Natural Gas Futures for November 2022 settled down $0.288 @ $6.453/mmbtu trading in a 0.333 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 +125.0 billion cubic feet for the week ending October 7th, 2022- on the very highest side of estimates. According to EIA statistics, the current domestic natural gas storage total stands at 3.231 trillion cubic feet. The 3.231 tcf. represents a deficit, now standing at -3.8% or -126 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -6.4% or -221 billion cubic feet.
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