Coquest Daily Energy Report

Crude Oil Futures for January 2023 settled down $1.24 @ $79.98/bbl. trading in a $2.57 range including the overnight-RBOB settled down 6.16/cpg and Heating Oil settled up 9.39/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -12.6 million barrels for the week ending November 25th, 2022. Gasoline inventories increased by +2.8 mil/bbl. and Distillates also increased for the time frame by +3.5 mil/bbl., domestic refiners ran at 95.2% versus 93.9% during the prior week. Total domestic crude oil storage now stands at 419.1 mil/bbls. (ex-SPR) a decrease of approximately -20.8 million barrels over the past five weeks while Gasoline stocks have increased +5.9 mil/bbls. to 213.7 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -8.8 million barrels for the week. The Department of Energy released 1.4 million barrels from the Strategic Petroleum Reserves in the week ending November 25, leaving the SPR with 389.1 million barrels.

Natural Gas Futures for January 2023 settled up $0.457 @ $6.281/mmbtu trading in a 0.618 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday day morning showed that Natural Gas storage decreased by -81.0 billion cubic feet for the week ending November 25th, 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 3.483 trillion cubic feet. The 3.483 tcf. represents a deficit, now standing at -2.5 % or -89 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -2.4 % or -86 billion cubic feet.


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