Coquest Daily Energy Report
Crude Oil Futures for March 2023 settled up $1.66 @ $79.72/bbl. trading in a $2.86 range including the overnight-RBOB settled up 5.62/cpg and Heating Oil settled up 4.92/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -2.2 million barrels for the week ended February 3rd 2023. The weekly API data also showed a storage increase of +5.3 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 +2.4 million barrels for the week ended February 3rd, 2023. The weekly EIA data also showed an increase of +5.0 mil/bbl. for Gasoline and a build of +2.9 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +3.4 million barrels.
Natural Gas Futures for March 2023 settled up $0.084 @ $2.514/mmbtu trading in a 0.143 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 -217.0 billion cubic feet for the week ending February 3rd, 2023- in line with estimates and within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.366 trillion cubic feet. The 2.366 tcf. represents a surplus, now standing at +10.9 % or +233 bcf. versus the year over year average, while the surplus versus the five year average also continues-now standing at +5.2% or +117 billion cubic feet.
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