Coquest Daily Energy Report
Crude Oil Futures for May 2023 settled down $0.70 @ $69.26/bbl. trading in a $3.56 range including the overnight-RBOB settled down 1.74/cpg and Heating Oil settled up 1.05/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +1.1 million barrels for the week ending March 17th, 2023. Gasoline inventories decreased by -6.4 mil/bbl. and Distillates also decreased for the time frame by -3.3 mil/bbl., domestic refiners ran at 88.6% versus 88.2% during the prior week. Total domestic crude oil storage now stands at 481.2 mil/bbls. (ex-SPR) an increase of approximately +9.8 million barrels over the past five weeks while Gasoline stocks have decreased -12.4 mil/bbls. to 229.6 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -10.4 million barrels for the week.
Natural Gas Futures for April 2023 settled up $0.062 @ $2.216/mmbtu trading in a 0.097 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 -72.0 billion cubic feet for the week ending March 17th, 2023- in line with estimates and within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.9 trillion cubic feet. The 1.9 tcf. represents a surplus, now standing at +36.1 % or +504 bcf. versus the year over year average, while the surplus versus the five year average also continues-now standing at +22.7% or +351 billion cubic feet.
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