Coquest Daily Energy Report

Crude Oil Futures for March 2022 settled down $0.41 @ $85.14/bbl trading in a $2.78 range including the overnight-RBOB settled down 1.98 cpg and Heating Oil settled up 1.94/cpg. Thursday morning’s (delayed to accommodate for holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +500,000 million barrels for the week ended January 14, 2022. Gasoline inventories increased by +5.9 mil/bbl and Distillates drew down for the time frame by -1.4 mil/bbl., domestic refiners ran at 88.1% versus 88.4% during the prior week. Total domestic crude storage now stands at 413.8 mil/bbls (ex-SPR) a decrease of approximately -14.4 million barrels over the past five weeks while Gasoline inventories increased by +28.0 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -1.5 million barrels last week.

Natural Gas Futures for February 2022 settled up $0.197 @ $3.999/mmbtu trading in a .211 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 decreased by -206 billion cubic feet for the week ended January 14, 2022- in line with the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.810 trillion cubic feet. The 2.810 tcf represents a deficit, now standing at -7.2% or -226 bcf versus the year over year average, while the deficit versus the five year average has turned – now standing at a +1.2% surplus or +33 billion cubic feet.


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