Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled up $0.06 @ $88.26/bbl trading in a $2.62 range including the overnight-RBOB settled up 3.18 cpg and Heating Oil settled up 2.77 cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -1.6 million barrels for the week ended January 28th, 2022. The weekly API data also showed a storage increase of +5.8 mil/bbl for Gasoline and a draw of -2.5 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -1.0 million barrels for the week ended January 28th. The weekly EIA data also showed another storage increase of +2.1 mil/bbl for Gasoline and a draw -2.4 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -5.8 million barrels last week.
Natural Gas Futures for March 2022 settled up $0.750 @ $5.501/mmbtu trading in a .715 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 -280 and -295 billion cubic feet for the week ended January 28th, 2022. That compares with a withdrawal of -219 bcf in the preceding week, a draw of -192 bcf a year earlier and a five year average pull of -137.6 billion cubic feet. Updated weather forecasts show a moderation of the colder than average temperatures into the heart of the lower forty-eight, while the entire Gulf region and Ohio Valley and southward to Florida look to experience below to much below average temperatures over the next six to ten day period.
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