Coquest Daily Energy Report

Crude Oil Futures for December 2022 settled up $2.49 @ $88.96/bbl. trading in a $3.92 range including the overnight-RBOB settled up 4.33/cpg and Heating Oil settled down 1.41/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +3.9 million barrels for the week ending November 4th, 2022. Gasoline inventories decreased by -900 k/bbl. and Distillates also decreased for the time frame by -500 k/bbl., domestic refiners ran at 92.1% versus 90.6% during the prior week. Total domestic crude oil storage now stands at 440.7 mil/bbls. (ex-SPR) an increase of approximately +11.5 million barrels over the past five weeks while Gasoline stocks have declined -1.7 mil/bbls. to 205.7 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -0.8 million barrels for the week. The build in crude oil inventories was partially due to the DOE’s release of 3.6 mil/bbl. for the week ending November 4, leaving the SPR with 396.2 million barrels.

Natural Gas Futures for December 2022 settled down $0.360 @ $5.879/mmbtu trading in a 0.730 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 +79.0 billion cubic feet for the week ending November 4thth, 2022- in line with estimates and within the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.580 trillion cubic feet. The 3.580 tcf. represents a deficit, now standing at -1.0% or -37 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -2.1% or -76 billion cubic feet.


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