Coquest Daily Energy Report
Crude Oil Futures for February 2023 settled down $0.56 @ $78.40/bbl. trading in a $2.03 range including the overnight-RBOB settled up 0.78/cpg and Heating Oil settled down 6.48/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon (to accommodate for Holiday) showed that domestic crude supplies decreased by -1.3 million barrels for the week ended December 23rd, 2022. The weekly API data also showed a storage increase of +510 k/bbl. for Gasoline and a build of +38 k/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Thursday morning (to accommodate for Holiday) showed that domestic crude supplies increased by +700,000 barrels for the week ended December 23rd, 2022. The weekly EIA data also showed a decrease of -3.1 mil/bbl. for Gasoline and a build of -300,000/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -11.2 million barrels.
Natural Gas Futures for February 2023 settled down $0.126 @ $4.559/mmbtu trading in a 0.368 cent range including the overnight session. Moscow is ready to resume gas supplies to Europe via the Yamal-Europe Pipeline, Russian Deputy Prime Minister Alexander Novak told state TASS news agency. “The European market remains relevant, as the gas shortage persists, and we have every opportunity to resume supplies,” TASS cited Novak as saying in remarks published by the agency on Sunday. “For example, the Yamal-Europe Pipeline, which was stopped for political reasons, remains unused. “The Yamal-Europe Pipeline usually flows westward but has been mostly reversed since December of 2021 as Poland turned away from buying from Russia in favor of drawing on stored gas in Germany. In May, Warsaw terminated its agreement with Russia, after rejecting Moscow’s demand that it pays in rubles.
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