Coquest Daily Energy Report

Crude Oil Futures for March 2022 settled up $1.75 @ $87.35/bbl trading in a $2.94 range including the overnight-RBOB settled up 6.34/cpg and Heating Oil settled up 7.49/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -872,000 barrels for the week ended January 21st,2022. The weekly API data also showed a storage increase of +2.4mil/bbl for Gasoline and a draw of -2.2mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +2.4 million barrels for the week ended January 21st. The weekly EIA data also showed a storage increase of +1.3mil/bbl for Gasoline and a draw -2.8 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -4.1 million barrels last week.

Natural Gas Futures for February 2022 settled up $0.224 @ $4.277/mmbtu trading in a .379 cent range including the overnight session. Preliminary expectations for this Thursday morning’s weekly Energy Information Administration Natural Gas storage report calls for a decrease of between -205 and -220 billion cubic feet for the week ended January 21st, 2022. That compares with a withdrawal of -206 bcf in the preceding week, a draw of -128 bcf a year earlier and a five year average pull of -179.8 billion cubic feet. Updated weather forecasts show a moderation of the colder than average temperatures across the heart of the lower forty-eight, while the northern most tier of states and northern New England continue to see temps that are lower than average over the next six to ten day period.


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