Coquest Daily Energy Report
Crude Oil Futures for March 2023 settled down $0.53 @ $75.88/bbl. trading in a $2.27 range including the overnight-RBOB settled down 0.15/cpg and Heating Oil settled down 5.44/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +6.3 million barrels for the week ended January 27th 2023. The weekly API data also showed a storage increase of +2.7 mil/bbl. for Gasoline and a build of +1.5 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +4.1 million barrels for the week ended January 27th, 2023. The weekly EIA data also showed an increase of +2.6 mil/bbl. for Gasoline and a build of +2.3 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +1.6 million barrels.
Natural Gas Futures for March 2023 settled down $0.012 @ $2.456/mmbtu trading in a 0.166 cent range including the overnight session. Concern about future natural gas supplies, particularly in Europe, grew following Russia’s full-scale invasion of Ukraine in February 2022 and contributed to the increase in contracting with new LNG projects in the United States. Europe increased its LNG imports by +66.0% or +5.9 bcf/d in 2022 compared with 2021, according to leading data, which was the result of reduced natural gas deliveries by pipeline from Russia and record-high natural gas prices at trading hubs in Europe. By expanding its LNG import capacity, Europe will be able to receive +34.0% more LNG in 2024 compared with 2021.
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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.
