Coquest Daily Energy Report
Crude Oil Futures for June 2023 settled down $3.06 @ $68.60/bbl. trading in a $3.84 range including the overnight-RBOB settled down 11.36/cpg and Heating Oil settled down 5.69/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.9 million barrels for the week ended April 28th, 2023. The weekly API data also showed a storage increase of +400 k/bbl. for Gasoline and a draw of +1.0 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -1.3 million barrels for the week ended April 28th, 2023. The weekly EIA data also showed an increase of +1.7 mil/bbl. for Gasoline and a draw of -1.2 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +400,000 barrels and SPR inventory decreased by -2.0 million barrels.
Natural Gas Futures for June 2023 settled down $0.044 @ $2.170/mmbtu trading in a 0.138 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 +51 and +59 billion cubic feet for the week ended April 28th, 2023. That compares with an increase of +79.0 bcf in the preceding week, a build of +77.0 bcf. a year earlier and a five-year average increase of +86.2 bcf. Updated weather forecasts currently show the Western third of the lower forty-eight due to experience somewhat below average normal temperatures while the Eastern and in particular the Central regions look to experience mostly above average temps over the next six-to-ten day time frame.
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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.Back