Coquest Daily Energy Report

Crude Oil Futures for February 2023 settled up $2.29 @ $77.41/bbl. trading in a $3.53 range including the overnight-RBOB settled up 10.68/cpg and Heating Oil settled up 8.22/cpg. President Vladimir Putin signed a decree that banned the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap. “The presidential decree published in December bans Russian companies from referring to the illegal price cap limitations in any way, directly or indirectly. This ban extends to any transactions with Russian crude oil up to the end user, which implies not working with traders who do not enforce the measure,” the Energy Ministry said in a statement. “monitoring will be used to implement additional measures aimed at limiting the possible discount to market-based limits.”

Natural Gas Futures for February 2023 settled up $0.032 @ $3.671/mmbtu trading in a 0.355 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 -10 and -27 billion cubic feet for the week ended January 6th, 2023. That compares with a decrease of -221.0 bcf in the preceding week, a draw of -179.0 bcf. a year earlier and a five-year average decrease of -161.4 bcf. Updated weather forecasts currently show a deep trough of above normal temperatures from the Great Lakes region and reaching the Gulf Coast, while the West and inner-Mountain regions look to sustain normal temperatures 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.