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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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.
