Coquest Daily Energy Report

Crude Oil Futures for May 2023 settled up $0.03 @ $80.86/bbl. trading in a $1.61 range including the overnight-RBOB settled down 2.31/cpg and Heating Oil settled down 1.48/cpg. Last month, Russia’s crude oil and refined product exports surged to their highest level since April 2020 as fuel exports jumped, bringing an additional $1 billion to Putin’s oil revenues last month compared to February, the International Energy Agency said on Friday. Russian crude and product exports increased in March by 600,000 barrels per day, reaching 8.1 million/bpd, the highest oil export levels from Russia in three years the IEA said in its closely watched Oil Market Report. Russian weekly crude oil exports by sea returned to above 3 million barrels per day in the week ending April 14, bouncing back from an eight-week low in the previous week.

Natural Gas Futures for May 2023 settled up $0.091 @ $2.366/mmbtu trading in a 0.154 cent range including the overnight session. Natural gas futures strengthened Monday and into Tuesday morning as weather models trended cooler for late April, providing support to a market awash in supply but also seeing a surge in LNG demand. According to industry leaders, there’s been little change in the forecast for the next week, with a chilly start to be followed by a milder turn midweek. However, the 8- to 15-day period trended colder, with the Global Forecast System gaining 6-7 heating degree days and the European Centre model adding a heftier 13 HDDs. With storage inventories sitting at unusually high levels following a very mild winter, analysts have been watching for any substantial signs of rising demand to help balance the market.


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