Coquest Daily Energy Report
Crude Oil Futures for January 2023 settled up $0.96 @ $77.94/bbl. trading in a $4.24 range including the overnight-RBOB settled up 0.24/cpg and Heating Oil settled down 2.37/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -3.7 million barrels for the week ending November 18th, 2022. Gasoline inventories increased by +3.1 mil/bbl. and Distillates also increased for the time frame by +1.7 mil/bbl., domestic refiners ran at 93.9% versus 92.9% during the prior week. Total domestic crude oil storage now stands at 431.6 mil/bbls. (ex-SPR) a decrease of approximately -5.7 million barrels over the past five weeks while Gasoline stocks have increased +1.6 mil/bbls. to 210.9 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +3.3 million barrels for the week. Department of Energy released 1.6 million barrels from the Strategic Petroleum Reserves in the week ending November 18, leaving the SPR with 390.5 million barrels.
Natural Gas Futures for December 2022 settled down $0.312 @ $6.712/mmbtu trading in a 0.480 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Wednesday morning (to accommodate for Holiday) showed that Natural Gas storage decreased by -80.0 billion cubic feet for the week ending November 18thth, 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 3.564 trillion cubic feet. The 3.564 tcf. represents a deficit, now standing at -1.7 % or -62 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -1.1 % or -39 billion cubic feet.
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