Coquest Daily Energy Report

Crude Oil Futures for March 2023 settled down $1.33 @ $79.68/bbl. trading in a $3.44 range including the overnight-RBOB settled down 2.35/cpg and Heating Oil settled down 13.10/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +500,000 barrels for the week ending January 20th, 2023. Gasoline inventories increased by +1.8 mil/bbl. and Distillates decreased for the time frame by -500 k/bbl., domestic refiners ran at 86.1% versus 85.3% during the prior week. Total domestic crude oil storage now stands at 448.5 mil/bbls. (ex-SPR) an increase of approximately +30.3 million barrels over the past five weeks while Gasoline stocks have increased +5.9 mil/bbls. to 232.0 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +4.0 million barrels for the week.

Natural Gas Futures for February 2023 settled up $0.165 @ $3.109/mmbtu trading in a 0.344 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 decreased by -91.0 billion cubic feet for the week ending January 20th, 2023- in line with estimates and within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.729 trillion cubic feet. The 2.729 tcf. represents a surplus, now standing at +4.1 % or +107 bcf. versus the year over year average, while the surplus versus the five year average also continues-now standing at +4.9% or +128 billion cubic feet.


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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.