Coquest Daily Energy Report

Crude Oil Futures for May 2023 settled down $0.96 @ $79.74/bbl. trading in a $1.61 range including the overnight-RBOB settled down 0.54/cpg and Heating Oil settled up 2.09/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -3.7 million barrels for the week ending March 31st, 2023. Gasoline inventories decreased by -4.1 mil/bbl. along with Distillates that decreased for the time frame by -3.6 mil /bbl., domestic refiners ran at 89.6% versus 90.3% during the prior week. Total domestic crude oil storage now stands at 469.9 mil/bbls. (ex-SPR) a decrease of approximately -10.3 million barrels over the past five weeks while Gasoline stocks have decreased -16.7 mil/bbls. to 222.5 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -11.0 million barrels for the week. The nations SPR inventory dropped for the first time in 12 weeks by 400,000 barrels.

Natural Gas Futures for May 2023 settled up $0.161 @ $2.172/mmbtu trading in a 0.212 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 -23.0 billion cubic feet for the week ending March 31st, 2023- in line with estimates and within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.830 trillion cubic feet. The 1.830 tcf. represents a surplus, now standing at +31.9 % or +443 bcf. versus the year over year average, while the surplus versus the five year average also continues-now standing at +19.5% or +298 billion cubic feet.


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