Coquest Daily Energy Report
Crude Oil Futures for May 2023 settled up $1.23 @ $70.90/bbl. trading in a $2.42 range including the overnight-RBOB settled up 5.43/cpg and Heating Oil settled up 5.01/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +3.3 million barrels for the week ended March 17th, 2023. The weekly API data also showed storage decreases of -1.0 mil/bbl. for Gasoline and -1.8 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.1 million barrels for the week ended March 17th, 2023. The weekly EIA data also showed decreases of -6.4 mil/bbl. for Gasoline and -3.3 mil/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -10.4 million barrels.
Natural Gas Futures for April 2023 settled down $0.177 @ $2.171/mmbtu trading in a 0.174 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 -71 and -79 billion cubic feet for the week ended March 17th, 2023. That compares with a decrease of -58.0 bcf in the preceding week, a draw of -51.0 bcf. a year earlier and a five-year average decrease of -45.0 bcf. Updated weather forecasts currently show a continuing early Spring seasonal pattern with somewhat below average temperatures lingering for the West Coast and Inner-Mountain regions, while the Plain States and Ohio Valley regions look to experience mostly normal temps over the next six-to-ten day time frame.
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