Coquest Daily Energy Report

Crude Oil Futures for November 2022 settled up $0.43 @ $85.98/bbl. trading in a $2.95 range including the overnight-RBOB settled down 0.44/cpg and Heating Oil settled down 14.75/cpg. According to Energy Information Administration data, domestic crude oil imports averaged 5.9 million barrels per day last week, a decrease of -0.2 million barrels per day from the previous week. Over the past four weeks crude oil imports averaged about 6.1 million barrels per day or approximately -4.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 475,000 barrels per day, and distillate fuel imports averaged 111,000 barrels per day.

Natural Gas Futures for November 2022 settled down $0.104 @ $5.358/mmbtu trading in a 0.312 cent range including the overnight session. Dozens of ships carrying LNG circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this “exceptional situation”. There are more than 35 LNG-laden vessels drifting off Spain and around the Mediterranean, with at least eight vessels anchored off the Bay of Cadiz alone. Spain is offering just six slots at its regasification terminals for cargoes this week, an industry source said. In a statement issued late on Monday and entitled “declaration of exceptional operational situation”, Spain’s national gas grid operator Enagas said it may have to reject unloads of LNG due to overcapacity at its terminals. Spain has the biggest regasification capacity in the European Union, accounting for 33% of all LNG and 44% of LNG storage capacity.


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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.