Coquest Daily Energy Report
Crude Oil Futures for January 2022 settled down $2.63 @ $68.23/bbl trading in a $4.03 range including the overnight-RBOB settled down 3.17/cpg and Heating Oil settled down 4.69/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -4.6 million barrels for the week ended December 10, 2021. Gasoline inventories decreased by -700 k/bbl and Distillates were also down for the time frame by -2.9 mil/bbl., domestic refiners ran at 89.8% which is unchanged week-over-week. Total domestic crude storage now stands at 428.2 mil/bbls (ex-SPR) a decrease of approximately -6.9 million barrels over the past five weeks while Gasoline stocks increased by +5.8 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -15.9 million barrels last week.
Natural Gas Futures for January 2022 settled up $0.144 @ $3.834/mmbtu trading in a .282 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday morning showed that Natural Gas storage decreased by -88 billion cubic feet for the week ended December 10, 2021- in line within the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.417 trillion cubic feet. The 3.417 tcf represents a deficit, now standing at -8.7% or -326 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -1.8% or -64 billion cubic feet.
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