Coquest Daily Energy Report

Crude Oil Futures for May 2023 settled down $1.10 @ $82.16/bbl. trading in a $1.33 range including the overnight-RBOB settled down 4.10/cpg and Heating Oil settled down 3.03/cpg. According to Energy Information Administration data, U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending April7, 2023 which was 30,000 barrels per day less than the previous week’s average. Refineries operated at 89.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, a decrease of 951,000barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, -0.8% less than the same four-week period last year.

Natural Gas Futures for May 2023 settled down $0.086 @ $2.007/mmbtu trading in a 0.135 cent range including the overnight session. Domestic natural gas consumption in January was -8.0% less than year-ago levels and -3.0% less than the five-year average (2018–22) for January. February natural gas consumption was -4.0% less than year-ago levels and -1.0% less than the five-year February average. Natural gas consumption in the residential and commercial sectors, which was down -16.0% in January and -12.0% in February from the same months in 2022, was low because above-average winter temperatures reduced seasonal heating demand dramatically according to the Energy Information Administration.


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.