Coquest Daily Energy Report
Crude Oil Futures for March 2023 settled up $0.86 @ $81.01/bbl. trading in a $2.22 range including the overnight-RBOB settled up 5.75/cpg and Heating Oil settled up 3.69/cpg. Sen. Ted Cruz, R-Texas., introduced a bill Wednesday that would stop the Biden administration from selling oil from the U.S. Strategic Petroleum Reserve to China and Chinese Communist Party owned companies. Cruz’s bill, the Protecting America’s Strategic Petroleum Reserve from China Act, was cosponsored by over a dozen Senate Republicans and closely mirrors the bill passed by the House this month. The House bill passed in an overwhelming bipartisan vote of 331-97, with 113 House Democrats voting in favor. The easy House vote means the bill has a chance in the Senate if Democratic leaders agree to take it up. “The Strategic Petroleum Reserve was intended to ensure that America had sufficient oil reserves in the event of an emergency,” Cruz said in a statement.
Natural Gas Futures for February 2023 settled down $0.123 @ $2.944/mmbtu trading in a 0.242 cent range including the overnight session. NYMEX traded Natural Gas futures extended declines in early Thursday morning trading amid mild winter weather that’s helped spark the worst selloff among the country’s commodities. Gas for February delivery traded as low as $2.842/mmbtu. on the New York Mercantile Exchange. Prices are at the lowest levels since May 2021. Doomsday fears that suppliers wouldn’t be able to meet wintertime demand have been erased by a confluence of factors, leading gas prices to plunge after hitting a 14-year high of $10.028/mmbtu. in mid-August.
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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.
