Coquest Daily Energy Report
Crude Oil Futures for February 2022 settled up $1.42 @ $82.64/bbl trading in a $1.93 range including the overnight-RBOB settled up 3.34/cpg and Heating Oil settled up 3.06/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -1.1 million barrels for the week ended January 7th, 2022. The weekly API data also showed storage increases of +10.9 mil/bbl for Gasoline and +3.0 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -4.6 million barrels for the week ended January 7, 2022. The weekly EIA data also showed a storage increases of +8.0 mil/bbl for Gasoline and +2.5 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -4.5 million barrels last week.
Natural Gas Futures for February 2022 settled up $0.608 @ $4.857/mmbtu trading in a .693 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a withdrawal of between -165 and -180 billion cubic feet for the week ended January 7th, 2022. That compares with a decrease of -31 bcf in the preceding week, a pull of -134 bcf a year earlier and a five year average withdrawal of -168.8 billion cubic feet. Updated weather forecasts show mostly normal temperatures for the heart of the lower forty-eight, while the New England region, the Great Lake and Mid-Atlantic regions look to experience below to much below average temperatures over the next six to ten day time frame.
To send a question to the author, or to learn more about this topic, click here.
For assistance with brokerage or hedging services, please click here.
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.
Back