Coquest Daily Energy Report

Crude Oil Futures for February 2023 settled down $4.09 @ $72.84/bbl. trading in a $4.69 range including the overnight-RBOB settled down 10.20/cpg and Heating Oil settled down 11.46/cpg. OPEC’s crude oil production increased in December, according to a new survey, but the organization is still significantly shy of its production targets for the month. OPEC’s production for the month of December increased by 150,000/bpd over November levels a leading survey showed, with Nigeria being instrumental in the majority of the increase. Nigeria, which for decades has struggled with oil theft, has said it has effectively cracked down on these illegal activities, allowing it to realize its actual oil production. In October Nigerian authorities discovered an illegal underwater 2.5-mile connection from Nigeria’s Forcados export terminal. It had been operating undetected for around nine years. Nigeria estimates it was losing approximately 600,000/bpd of crude oil due to theft.

Natural Gas Futures for February 2023 settled up $0.184 @ $4.172/mmbtu trading in a 0.319 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 -263 and -283 billion cubic feet for the week ended December 30, 2022. That compares with a decrease of -213.0 bcf in the preceding week, a draw of -31.0 bcf. a year earlier and a five-year average decrease of -89.0 bcf. Updated weather forecasts currently show a warming trend to envelope the entirety of the lower forty-eight, particular to the Great Lakes and mid-West regions over the next six-to-ten day time frame.


Receive the full Coquest Daily Energy Report by signing up today.

To send a question to the author, or to learn more about this topic, click here.

For assistance with brokerage or hedging services, please click here.


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.