Coquest Daily Energy Report
Crude Oil Futures for December 2022 settled up $0.64 @ $86.47/bbl. trading in a $2.65 range including the overnight-RBOB settled up 2.17/cpg and Heating Oil settled down 8.69/cpg. According to Energy Information Administration data, domestic crude oil refinery inputs averaged 16.1 million barrels per day during the week ending November 4, 2022 which was +247,000 barrels per day more than the previous week’s average. U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by +249,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, +1.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 489,000 barrels per day, and distillate fuel imports averaged 328,000 barrels per day.
Natural Gas Futures for December 2022 settled up $0.374 @ $6.239/mmbtu trading in a 0.498 cent range including the overnight session. High storage levels in Europe and warnings regarding demand in China continue to add downward pressure on global natural gas futures. In Europe, gas storage facilities are nearing capacity and there have been little to no draws in storage levels so far this autumn-according to the latest data from Gas Infrastructure Europe. Other major factors include the large number of LNG vessels waiting to unload at European re-gasification terminals. Last week, data from energy leading analytics firm confirmed that there was at least $2 billion worth of LNG floating off the European coast or more than 30 LNG tankers. Market advisors note the owners of these cargoes may be waiting for prices to pick up again to make any deliveries.
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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.
