Coquest Daily Energy Report
Crude Oil Futures for May 2023 settled down $0.23 @ $72.97/bbl. trading in a $1.61 range including the overnight-RBOB settled down 4.40/cpg and Heating Oil settled down 11.15/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -6.0 million barrels for the week ended March 24th, 2023. The weekly API data also showed a storage decrease of -5.9 mil/bbl. for Gasoline and a build of +548 k/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -7.5 million barrels for the week ended March 24th, 2023. The weekly EIA data also showed a decrease of -2.9 mil/bbl. for Gasoline and a build of 300 k/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -10.7 million barrels.
Natural Gas Futures for April 2023 settled down $0.039 @ $1.991/mmbtu trading in a 0.139 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 -51 and -59 billion cubic feet for the week ended March 24th, 2023. That compares with a decrease of -72.0 bcf in the preceding week, a build of +26.0 bcf. a year earlier and a five-year average decrease of -17.6 bcf. Updated weather forecasts currently show a nation divided, with the West Coast and Inner-Mountain region temperatures remaining somewhat below normal, while the Ohio Valley, Southeast and Plain states all look to experience somewhat above average 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.
