Coquest Daily Energy Report

Crude Oil Futures for December 2022 settled down $1.56 @ $80.08/bbl. trading in a $5.40 range including the overnight-RBOB settled down 3.39/cpg and Heating Oil settled up 0.67/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -5.4 million barrels for the week ending November 11th, 2022. Gasoline inventories increased by +2.5 mil/bbl. and Distillates also increased for the time frame by +1.1 mil/bbl., domestic refiners ran at 92.9% versus 92.1% during the prior week. Total domestic crude oil storage now stands at 435.3 mil/bbls. (ex-SPR) an decrease of approximately -3.7 million barrels over the past five weeks while Gasoline stocks have declined -1.5 mil/bbls. to 207.9 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -6.5 million barrels for the week. The Department of Energy’s released 4.1 million barrels from the Strategic Petroleum Reserves in the week ending November 11, leaving the SPR with 392.1 million barrels.

Natural Gas Futures for December 2022 settled down $0.066 @ $6.303/mmbtu trading in a 0.430 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 +64.0 billion cubic feet for the week ending November 11thth, 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 3.644 trillion cubic feet. The 3.644 tcf. represents a deficit, now standing at -0.1 % or -4 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -0.2 % or -7 billion cubic feet.


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