Coquest Daily Energy Report

Crude Oil Futures for January 2023 settled up $0.90 @ $75.19/bbl. trading in a $2.60 range including the overnight-RBOB settled up 4.53/cpg and Heating Oil settled down 6.64/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +10.2 million barrels for the week ending December 9th, 2022. Gasoline inventories increased by +4.5 mil/bbl. and Distillates also increased for the time frame by +1.4 mil/bbl., domestic refiners ran at 92.2% versus 95.5% during the prior week. Total domestic crude oil storage now stands at 424.1 mil/bbls. (ex-SPR) a decrease of approximately -16.6 million barrels over the past five weeks while Gasoline stocks have increased +17.8 mil/bbls. to 223.5 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +14.0 million barrels for the week. The Department of Energy released 4.7 million barrels from the Strategic Petroleum Reserves in the week ending December 9, leaving the SPR with 382.0 million barrels.

Natural Gas Futures for January 2023 settled down $0.749 @ $5.851/mmbtu trading in a 0.510 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday day morning showed that Natural Gas storage decreased by -50.0 billion cubic feet for the week ending December 9th, 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 3.412 trillion cubic feet. The 3.412 tcf. represents a deficit, now standing at -0.5 % or -18 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -0.4 % or -15 billion cubic feet.

 

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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.

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