Coquest Daily Energy Report
Crude Oil Futures for February 2023 settled down $0.57 @ $78.96/bbl. trading in a $2.62 range including the overnight-RBOB settled up 0.27/cpg and Heating Oil settled up 2.41/cpg. TC Energy-operator of the Keystone Pipeline-has received approval from the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) for its plan to restart the section of the pipeline from Steele City close to the Nebraska-Kansas border to Cushing, Oklahoma. The company, however, did not say when the restart could begin and that works could take “several days”. Early this month, TC Energy shut down the pipeline after a leak south of Steele City spilled oil into a creek in Kansas. “The system remains shutdown as our crews actively respond and work to contain and recover the oil,” TC Energy said in early December.
Natural Gas Futures for January 2023 settled down $0.573 @ $4.709/mmbtu trading in a 0.621 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -205 and -225 billion cubic feet for the week ended December 23rd, 2022. That compares with a decrease of -87.0 bcf in the preceding week, a draw of -136.0 bcf. a year earlier and a five-year average decrease of -114.2 bcf. Updated weather forecasts currently show a nation divided, with the Western regions to experience seasonal like temperatures while the Eastern half of the lower forty-eight looks to enjoy above to well above normal temps over the next six-to-ten day time frame.
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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.
