Coquest Daily Energy Report
Crude Oil Futures for February 2022 settled down $0.52 @ $82.12/bbl trading in a $1.36 range including the overnight-RBOB settled down 0.67/cpg and Heating Oil settled up 1.43/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -1.1 million barrels for the week ended January 7th, 2022. The weekly API data also showed storage increases of +10.9 mil/bbl for Gasoline and +3.0 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -4.6 million barrels for the week ended January 7, 2022. The weekly EIA data also showed a storage increases of +8.0 mil/bbl for Gasoline and +2.5 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -4.5 million barrels last week.barrels last week
Natural Gas Futures for February 2022 settled up $0.165 @ $3.882/mmbtu trading in a .180 cent range including the overnight session. Energy Information Administration data shows natural gas spot price at Henry Hub averaged $3.910 per metric million British thermal units in calendar 2021. Monthly average prices reached $5.510/mmbtu in October, but then declined dramatically during November and early December as mild weather prevailed across a majority of the country resulting in less natural gas used for space heating. We expect Henry Hub spot prices will average $3.820/mmbtu in the first quarter of 2022 and average $3.790/mmbtu for all of 2022 and $3.630/mmbtu in 2023.
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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.
