Coquest Daily Energy Report
Crude Oil Futures for June 2023 settled up $4.00 @ $71.34/bbl. trading in a $3.31 range including the overnight-RBOB settled up 5.31/cpg and Heating Oil settled up 7.60/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a decrease of -1.3 million barrels for the week ending April 28th, 2023. Gasoline inventories increased by +1.7 mil/bbl. and Distillates decreased for the time frame by -1.2 mil/bbl., domestic refiners ran at 90.7% versus 91.3% during the prior week. Total domestic crude oil storage now stands at 459.6 mil/bbls. (ex-SPR) a decrease of approximately -14.0 million barrels over the past five weeks while Gasoline stocks have decreased -3.8 mil/bbl. to 222.8 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +400,000 barrels for the week.
Natural Gas Futures for June 2023 settled up $0.036 @ $2.137/mmbtu trading in a 0.136 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that Natural Gas storage increased by +54.0 billion cubic feet for the week ending April 28th, 2023- in line with estimates and within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.063 trillion cubic feet. The 2.063 tcf. represents a surplus, now standing at +32.6 % or +507 bcf. versus the year over year average, while the surplus versus the five year average also continues-now standing at +19.8% or +341 billion cubic feet.
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