Coquest Daily Energy Report

Crude Oil Futures for June 2023 settled down $0.04 @ $68.56/bbl. trading in a $6.20 range including the overnight-RBOB settled up 0.38/cpg and Heating Oil settled up 0.64/cpg. According to Energy Information Administration data, U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending April 28, 2023 which was 98,000 barrels per day less than the previous week’s average. Refineries operated at 90.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day. U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by +21,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, +4.8% more than the same four-week period last year.

Natural Gas Futures for June 2023 settled down $0.069 @ $2.101/mmbtu trading in a 0.104 cent range including the overnight session. The Energy Information Administration currently forecast that the Henry Hub natural gas spot price will average about $2.650 per million British thermal units in 2Q23 as natural gas inventories begin to rise. With inventories remaining above the five-year average in 2023, it’s expect natural gas prices to average less than $3.000/mmbtu. for 2023, a more than -50.0% decrease from last year. The EIA also currently forecast slight declines in U.S. natural gas production in April and May because of pipeline maintenance in West Texas and the Northeast, with U.S. production averaging 100.6 bcf/d in the forecast for the remainder of 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.