Coquest Daily Energy Report
Crude Oil Futures for May 2023 settled up $1.73 @ $83.26/bbl. trading in a $2.25 range including the overnight-RBOB settled up 0.75/cpg and Heating Oil settled up 3.49/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +377,000 barrels for the week ended April 7th, 2023. The weekly API data also showed a storage increase of +450 k/bbl. for Gasoline and a draw of -1.9 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +600,000 barrels for the week ended April 7th, 2023. The weekly EIA data also showed decreases of -300 k/bbl. for Gasoline and of -600 k/bbl. for Distillates. Total commercial petroleum inventories increased last week by +8.4 million barrels.
Natural Gas Futures for May 2023 settled down $0.093 @ $2.093/mmbtu trading in a 0.157 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an increase of between +23 and +32 billion cubic feet for the week ended April 7th, 2023. That compares with a decrease of -23.0 bcf in the preceding week, a draw of -15.0 bcf. a year earlier and a five-year average increase of +18.0 bcf. Updated weather forecasts currently show a mostly normal temperature pattern for the lower forty-eight, with the heart of the nation to experience slightly above normal temps over the next six-to-ten day time frame.
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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.
