Coquest Daily Energy Report

Crude Oil Futures for April 2023 settled up $0.74 @ $68.35/bbl. trading in a $3.67 range including the overnight-RBOB settled up 6.51/cpg and Heating Oil settled up 3.86/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +1.6 million barrels for the week ending March 10th, 2023. Gasoline inventories decreased by -2.1 mil/bbl. and Distillates also decreased for the time frame by -2.5 mil/bbl., domestic refiners ran at 88.2% versus 86.0% during the prior week. Total domestic crude oil storage now stands at 480.0 mil/bbls. (ex-SPR) an increase of approximately +25.0 million barrels over the past five weeks while Gasoline stocks have decreased -3.7 mil/bbls. to 235.9 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -1.9 million barrels for the week.

Natural Gas Futures for April 2023 settled up $0.075 @ $2.514/mmbtu trading in a 0.125 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 -60.0 billion cubic feet for the week ending March 10th, 2023- in line with estimates and within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.972 trillion cubic feet. The 1.972 tcf. represents a surplus, now standing at +35.9 % or +521 bcf. versus the year over year average, while the surplus versus the five year average also continues to grow-now standing at +23.7% or +378 billion cubic feet.


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