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.
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