Coquest Daily Energy Report
Crude Oil Futures for February 2023 settled up $0.98 @ $78.39/bbl. trading in a $2.06 range including the overnight-RBOB settled up 4.08/cpg and Heating Oil settled up 0.11/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +14.9 million barrels for the week ended January 6th 2023. The weekly API data also showed a storage increase of +1.8 mil/bbl. for Gasoline and a build of +1.1 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +19.0 million barrels for the week ended January 6th, 2023. The weekly EIA data also showed an increase of +4.1 mil/bbl. for Gasoline and a draw of -1.1 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +22.4 million barrels.
Natural Gas Futures for February 2023 settled up $0.024 @ $3.695/mmbtu trading in a 0.339 cent range including the overnight session. Freeport LNG has denied a published report citing unnamed sources as saying that the restart of its Texas facility will be pushed back to February due to regulatory approval issues. On Wednesday the published story citing three unnamed sources as saying that seven months into the outage Texas plant, Freeport LNG would delay start up further to next month. Freeport LNG has denied the rumors attributed to unnamed sources, with a spokesperson telling information outlets that “There is no change to our restart timeline. We are still targeting the second half of this month for the safe, initial restart of our liquefaction facility, pending regulatory approvals”.
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