Coquest Daily Energy Report
Crude Oil Futures for May 2023 settled down $1.70 @ $79.16/bbl. trading in a $2.72 range including the overnight-RBOB settled down 10.54/cpg and Heating Oil settled down 4.22/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -2.7 million barrels for the week ended April 14th, 2023. The weekly API data also showed a storage decrease of -1.0 mil/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 decreased by -4.6 million barrels for the week ended April 14th, 2023. The weekly EIA data also showed an increase of +1.3 mil/bbl. for Gasoline and a draw of -400 k/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -400,000 barrels. SPR inventory dropped for the third week in a row by -1.6 million barrels.
Natural Gas Futures for May 2023 settled down $0.144 @ $2.222/mmbtu trading in a 0.185 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 +65 and +75 billion cubic feet for the week ended April 14th, 2023. That compares with an increase of +25.0 bcf in the preceding week, a build of +53.0 bcf. a year earlier and a five-year average increase of +38.0 bcf. Updated weather forecasts currently show cooler than normal temperatures to be experienced from the Western Great Lakes region and towards the Eastern and Southeast regions while the West and Southwest regions begin to warm over the next six-to-ten day time frame.
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