Coquest Daily Energy Report
Crude Oil Futures for December 2022 settled down $1.33 @ $85.59/bbl. trading in a $3.31 range including the overnight-RBOB settled down 0.81/cpg and Heating Oil settled down 2.77/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -5.8 million barrels for the week ended November 11th, 2022. The weekly API data also showed a storage increase of +1.7 mil/bbl. for Gasoline and a build of +850 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 -5.4 million barrels for the week ended November 11th, 2022. The weekly EIA data also showed an increase of +2.2 mil/bbl. for Gasoline and a build of +1.1 mil/bbl. build for Distillates. Total commercial petroleum inventories decreased last week by -6.5 million barrels.
Natural Gas Futures for December 2022 settled up $0.166 @ $6.200/mmbtu trading in a 0.496 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 +60 and +75 billion cubic feet for the week ended November 11th, 2022. That compares with an increase of +79.0 bcf in the preceding week, a build of +26.0 bcf. a year earlier and a five-year average injection of +16.2 bcf. Updated weather forecasts show a continuation of cooler than normal temperatures for a majority of the lower forty-eight, with particular emphasis coastal regions, while the heart of the nation works its way back to seasonal norms over the next six-to-ten day time frame.
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