Coquest Daily Energy Report

Crude Oil Futures for December 2021 settled up $0.48 @ $84.05/bbl trading in a $2.14 range including the overnight-RBOB settled up 3.96/cpg and Heating Oil settled up 2.44/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +4.3 million barrels for the week ending October 22nd, 2021. Gasoline inventories were down by -2.0 mil/bbl and Distillates were also down modestly for the time frame by -400 k/bbl., domestic refiners ran at 85.1% versus 84.7% during the prior week. Total domestic crude storage now stands at 430.8 mil/bbls (ex-SPR) an increase of approximately +16.9 mil/bbl over the past five weeks while Gasoline stocks are down -5.9 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +4.4 mil/bbl. last week.

 

Natural Gas Futures for December 2021 settled down $0.240 @ $5.186/mmbtu trading in a .363 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday morning showed that Natural Gas storage increased by +87 billion cubic feet for the week ending October 22nd, 2021 on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 3.548 tcf. The 3.548 tcf represents a deficit, now standing at -10.2% or +403 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -3.4% or -126 billion cubic feet.

 

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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.

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