Coquest Daily Energy Report
Crude Oil Futures for December 2022 settled up $1.63 @ $90.00/bbl. trading in a $2.64 range including the overnight-RBOB settled up 10.27/cpg and Heating Oil settled up 5.63/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -6.5 million barrels for the week ended October 28th, 2022. The weekly API data also showed a storage decrease of -2.6 mil/bbl. for Gasoline and a +865 k/bbl. build for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -3.1 million barrels for the week ended October 28th, 2022. The weekly EIA data also showed a decrease of -1.3 mil/bbl. for Gasoline and a +400 k/bbl. build for Distillates. Total commercial petroleum inventories decreased last week by -0.7 million barrels.
Natural Gas Futures for December 2022 settled up $0.554 @ $6.268/mmbtu trading in a 0.516 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +95 and +105 billion cubic feet for the week ended October 28th, 2022. That compares with an increase of +52.0 bcf in the preceding week, a build of +63.0 bcf. a year earlier and a five-year average injection of +45.8 bcf. Updated weather forecasts show a continuation of a nation divided, with the West and Northwest to experience below normal temperatures while the Eastern half of the lower forty-eight enjoys above seasonal norms-particular to the Mid-Atlantic states-over the next six-to-ten day time frame.
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