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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