Coquest Daily Energy Report

Crude Oil Futures for May 2023 settled down $0.94 @ $69.96/bbl. trading in a $2.49 range including the overnight-RBOB settled up 1.27/cpg and Heating Oil settled down 5.56/cpg. According to Energy Information Administration data, total products supplied over the last four-week period averaged 19.7 million barrels a day, down by -6.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 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 -12.7% from the same period last year. Jet fuel product supplied was up +6.7% compared with the same four-week period last year.

Natural Gas Futures for April 2023 settled down $0.017 @ $2.154/mmbtu trading in a 0.125 cent range including the overnight session. In 2022, Europe increased LNG imports to an all-time high of 14.9 bcf/d, +65.0% or 5.9 bcf/d more than in the previous year, according to industry leading data. Similar to 2021, three countries—the United States, Qatar, and Russia provided 73.0% or 10.8 bcf/d of Europe’s LNG imports in 2022. Excluding intra-regional trade, the remaining 3.8 bcf/d of LNG imports was supplied by 14 other LNG-exporting countries. Europe’s LNG import capacity expanded in 2022, and its expected to grow by one-third by the end of 2024 as countries add new LNG regasification facilities and expand existing import terminals.


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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.