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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