Coquest Daily Energy Report

Crude Oil Futures for February 2023 settled up $2.07 @ $79.56/bbl. trading in a $2.35 range including the overnight-RBOB settled up 13.48/cpg and Heating Oil settled up 13.47/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -5.9 million barrels for the week ending December 16th, 2022. Gasoline inventories increased by +2.5 mil/bbl. and Distillates decreased for the time frame by -200 k/bbl., domestic refiners ran at 90.9% versus 92.2% during the prior week. Total domestic crude oil storage now stands at 418.2 mil/bbls. (ex-SPR) a decrease of approximately -17.1 million barrels over the past five weeks while Gasoline stocks have increased +18.2 mil/bbls. to 226.1 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -11.6 million barrels for the week. On Monday, the DOE’s Office of Petroleum Reserves announced it would start repurchasing crude oil for the SPR.

Natural Gas Futures for January 2023 settled up $0.080 @ $5.079/mmbtu trading in a 0.420 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 -87.0 billion cubic feet for the week ending December 16th, 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 3.325 trillion cubic feet. The 3.325 tcf. represents a deficit, now standing at -1.3 % or -45 bcf. versus the year over year average, while the deficit versus the five year average has turned to a surplus – now standing at +0.7 % or +22 billion cubic feet.


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