Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled up $2.04 @ $92.31/bbl trading in a $3.10 range including the overnight-RBOB settled up 3.58/cpg and Heating Oil settled up 3.56/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -1.0 million barrels for the week ended January 28th, 2022. Gasoline inventories increased again by +2.1 mil/bbl and Distillates drew down for the time frame by -2.4 mil/bbl., domestic refiners ran at 86.7% versus 87.7% during the prior week. Total domestic crude storage now stands at 415.1 mil/bbls (ex-SPR) a decrease of approximately -4.8 million barrels over the past five weeks while Gasoline inventories increased by +27.4 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -5.8 million barrels last week.
Natural Gas Futures for March 2022 settled down $0.316 @ $4.572/mmbtu trading in a .600 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 -268 billion cubic feet for the week ended January 28th, 2022- a bit lower than the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.323 trillion cubic feet. The 2.323 tcf represents a growing deficit, now standing at -14.5% or -393 bcf versus the year over year average, while the deficit versus the five year average now stands at a -5.8% surplus or -143 billion cubic feet.
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