Coquest Daily Energy Report
Crude Oil Futures for February 2022 settled up $1.64 @ $72.76/bbl trading in a $2.11 range including the overnight-RBOB settled down 5.61/cpg and Heating Oil settled down 4.64/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.7 million barrels for the week ended December 17th. The weekly API data also showed a storage increase of +3.7 mil/bbl for Gasoline and -849 K/bbl draw for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -4.7 million barrels for the week ended December 17th. The weekly EIA data also showed a storage increase of +5.5 mil/bbl for Gasoline and 400 k/bbl for Distillates. Total commercial petroleum inventories decreased last week by -7.0 million barrels last week.
Natural Gas Futures for January 2022 settled up $0.107 @ $3.976/mmbtu trading in a .225 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -50 and -58 billion cubic feet for the week ended December 17th. That compares with a decrease of -88 bcf in the preceding week, a draw of -152 bcf a year earlier and a five year average withdrawal of -169.0 billion cubic feet. Updated weather forecasts show near normal conditions to prevail across the Great Lakes and New England regions, while a warming trend for Texas and a majority of the Southeast should take hold over the next six to ten day time frame.
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