Coquest Daily Energy Report

Crude Oil Futures for June 2023 settled up $2.02 @ $76.78/bbl. trading in a $2.99 range including the overnight-RBOB settled up 3.74/cpg and Heating Oil settled up 2.46/cpg. Domestic crude oil refinery inputs averaged 15.8 million barrels per day during the week ending April 21, 2023 which was 11 thousand barrels per day less than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by 81,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, +8.1% more than the same four-week period last year.

Natural Gas Futures for June 2023 settled up $0.055 @ $2.410/mmbtu trading in a 0.244 cent range including the overnight session. The European Union began their plan this week for companies to jointly buy gas. Companies have until May 2 to register the amount of gas they want to buy through the plan. They can request pipeline or liquefied natural gas. The EU platform will then collect offers from global suppliers to match demand. Matched suppliers and buyers will negotiate contracts, but the EU will not be involved in these commercial talks. EU officials said around 80 companies have registered so far, although it is not known how many have placed orders. Poland’s main oil and gas firm PKN Orlen said on Wednesday it planned to take part.


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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.