Coquest Daily Energy Report
Crude Oil Futures for February 2023 settled up $2.06 @ $78.29/bbl. trading in a $2.70 range including the overnight-RBOB settled up 3.30/cpg and Heating Oil settled up 8.06/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.1 million barrels for the week ended December 16th, 2022. The weekly API data also showed a storage increase of +4.5 mil/bbl. for Gasoline and a build of +830 k/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -5.9 million barrels for the week ended December 16th, 2022. The weekly EIA data also showed an increase of +2.5 mil/bbl. for Gasoline and a draw of -200 k/bbl. for Distillates. Total commercial petroleum inventories decreased last week by +11.9 million barrels.
Natural Gas Futures for January 2023 settled up $0.006 @ $5.332/mmbtu trading in a 0.344 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a storage decrease of between -80 and -95 billion cubic feet for the week ended December 16th, 2022. That compares with a decrease of -50.0 bcf in the preceding week, a draw of -55.0 bcf. a year earlier and a five-year average decrease of -127.4 bcf. Updated weather forecasts currently show a decisive moderation of the recent below average temps enveloping the lower forty-eight. A warm front from the west and an increasing southern flow should lead the majority of the nation to experience above average temperatures over the next six-to-ten day time frame.
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