Coquest Daily Energy Report

Crude Oil Futures for December 2022 settled down $0.82 @ $91.79/bbl. trading in a $3.34 range including the overnight-RBOB settled down 8.17/cpg and Heating Oil settled down 13.37/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -3.1 million barrels for the week ending October 28th, 2022. Gasoline inventories decreased by -1.3 mil/bbl. and Distillates increased for the time frame by +400 k/bbl., domestic refiners ran at 90.6% versus 88.9% during the prior week. Total domestic crude oil storage now stands at 436.8 mil/bbls. (ex-SPR) an increase of approximately +6.3 million barrels over the past five weeks while Gasoline stocks have declined -5.5 mil/bbls. to 206.6 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -0.7 million barrels for the week. The Department of Energy’s released of 1.9 million barrels from the Strategic Petroleum Reserves in the week ending October 28, leaving the SPR with 399.8 million barrels.

Natural Gas Futures for December 2022 settled up $0.544 @ $6.944/mmbtu trading in a 0.371 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 increased by +107.0 billion cubic feet for the week ending October 28th, 2022- on the higher side of estimates, however within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.501 trillion cubic feet. The 3.501 tcf. represents a deficit, now standing at -2.8% or -101 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -3.7% or -135 billion cubic feet.

 

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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.

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