Coquest Daily Energy Report
Crude Oil Futures for April 2023 settled up $0.47 @ $78.16/bbl. trading in a $1.36 range including the overnight-RBOB settled up 2.55/cpg and Heating Oil settled down 0.76/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +6.2 million barrels for the week ended February 24th 2023. The weekly API data also showed a storage decreases of -1.8 mil/bbl. for Gasoline and -341 k/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.2 million barrels for the week ended February 24th, 2023. The weekly EIA data also showed a decrease of -1.2 mil/bbl. for Gasoline and a build of +200 k/bbl. for Distillates.
Natural Gas Futures for April 2023 settled down $0.046 @ $2.765/mmbtu trading in a 0.155 cent range including the overnight session. Freeport LNG has received regulatory approval to partially restart commercial operations. Following an almost five month long investigation into the incident by Federal regulators, a review found that it was a pressure safety valve which had been improperly closed for several weeks after routine testing was primarily to blame. Overworked operators and other shortcomings such as “alarm fatigue” from “excessive alarms”, some from equipment that had been “placed out of service years ago” were also uncovered during the investigation. The firm has since increased staffing levels, by taking on additional employees with “extensive LNG and petrochemical operating experience to reduce overtime, enhance operational excellence, and improve quality assurance and business performance,” Freeport LNG said.
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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.
