Coquest Daily Energy Report
Crude Oil Futures for May 2023 settled up $1.79 @ $81.53/bbl. trading in a $2.22 range including the overnight-RBOB settled up 5.73/cpg and Heating Oil settled down 1.32/cpg. During calendar 2022, domestic crude oil exports averaged 3.6 million barrels per day, a record high according to export data that has been collected since 1920. U.S. crude oil exports in 2022 were +22.0% or 640,000/bpd. higher than in 2021. Increased U.S. crude oil production, releases from the U.S. Strategic Petroleum Reserve, and more global demand for crude oil from countries other than Russia all drove the growth in U.S. crude oil exports.
Natural Gas Futures for May 2023 settled up $0.014 @ $2.186/mmbtu trading in a 0.121 cent range including the overnight session. In 2022, the Appalachia region in the Northeast produced more natural gas than any other U.S. region, accounting for 29.0% or 34.6 bcf/d of U.S. gross natural gas withdrawals. Even as Appalachia remained the most prolific U.S. natural gas-producing region, its production growth has been slowing because sufficient pipeline takeaway capacity is not available. No new major pipeline capacity additions from the Northeast came online in 2022. In 2021, gross natural gas withdrawals in the Appalachia region had grown by +1.4 bcf/d. In 2022, growth was just +0.1 bcf/d, less than in 2020, when the COVID-19 pandemic and subsequent mitigation efforts limited production growth.
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