Coquest Daily Energy Report

Crude Oil Futures for February 2023 settled up $1.47 @ $79.86/bbl. trading in a $1.96 range including the overnight-RBOB settled up 5.75/cpg and Heating Oil settled up 3.69/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +19.0 million barrels for the week ending January 6th, 2023. Gasoline inventories increased by +4.1 mil/bbl. and Distillates decreased for the time frame by -1.1 mil/bbl., domestic refiners ran at 84.1% versus 79.6% during the prior week. Total domestic crude oil storage now stands at 439.6 mil/bbls. (ex-SPR) an increase of approximately +25.7 million barrels over the past five weeks while Gasoline stocks have increased +7.7 mil/bbls. to 226.7 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +22.4 million barrels for the week. The Department of Energy released 0.8 million barrels from the Strategic Petroleum Reserves in the week ending January 6, leaving the SPR with 371.6 million barrels.

Natural Gas Futures for February 2023 settled down $0.276 @ $3.419/mmbtu trading in a 0.376 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday day morning showed that Natural Gas storage increased by +11.0 billion cubic feet for the week ending January 6th, 2023- in line with estimates and within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.902 trillion cubic feet. The 2.902 tcf. represents a deficit, now standing at -4.6 % or -140 bcf. versus the year over year average, while the deficit versus the five year average also continues-now standing at -1.4 % or -40 billion cubic feet.


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