Coquest Daily Energy Report
Crude Oil Futures for April 2023 settled down $3.72 @ $67.61/bbl. trading in a $6.91 range including the overnight-RBOB settled down 11.46/cpg and Heating Oil settled down 10.95/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +1.2 million barrels for the week ended March 10th, 2023. The weekly API data also showed storage decreases of -4.6 mil/bbl. for Gasoline and -2.9 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.6 million barrels for the week ended March 10th, 2023. The weekly EIA data also showed decreases of -2.1 mil/bbl. for Gasoline and -2.5 mil/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -1.9 million barrels.
Natural Gas Futures for April 2023 settled down $0.134 @ $2.439/mmbtu trading in a 0.211 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 -56 and -64 billion cubic feet for the week ended March 10th, 2023. That compares with a decrease of -84.0 bcf in the preceding week, a draw of -79.0 bcf. a year earlier and a five-year average decrease of -86.2 bcf. Updated weather forecasts currently show a continuing early Spring seasonal pattern with slightly below average temperatures for the majority of the lower forty-eight, with the exception of the Southernmost Florida region which looks to experience slightly above normal temps over the next six-to-ten day time frame.
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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.
