Coquest Daily Energy Report
Crude Oil Futures for April 2023 settled down $3.47 @ $71.33/bbl. trading in a $4.04 range including the overnight-RBOB settled down 3.84/cpg and Heating Oil settled down 4.71/cpg. According to weekly Energy Information Administration data, Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by -8.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by -0.2% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by -14.6% from the same period last year. Jet fuel product supplied was up +2.1% compared with the same four-week period last year.
Natural Gas Futures for April 2023 settled down $0.033 @ $2.573/mmbtu trading in a 0.144 cent range including the overnight session. The European Union will make its first move as a gas buyers cartel next month as it launches the first tender for suppliers. According to Commission Vice President Maros Sefcovic, some 50 gas suppliers and large industrial gas consumers in the EU have already expressed interest in being part of the bloc’s joint gas buying effort. A key objective of the endeavor is to keep gas prices low by buying in larger volumes. Although natural gas prices are a lot lower than they were a year ago, the EU still needs to buy vast quantities of gas to refill its storage, with such a move likely to drive prices higher. Sefcovic says that the EU plus four neighboring countries will require 24 billion cubic meters of natural gas over the next three years to meet their needs. “What is increasingly important is that we have to deal with prices. We can’t power our economy at such a huge price differential compared with the US or China,” Sefcovic said in a statement to reporters.
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