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.
Receive the full Coquest Daily Energy Report by signing up today.
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