Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled up $0.22 @ $89.88/bbl trading in a $2.71 range including the overnight-RBOB settled up 1.20 cpg and Heating Oil settled up 0.23/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -2.0 million barrels for the week ended February 4th, 2022. The weekly API data also showed storage decreases of -1.1 mil/bbl for Gasoline and -2.2 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -4.8 million barrels for the week ended February 4th. The weekly EIA data also showed storage decreases of -1.6 mil/bbl for Gasoline and a draw -900 k/bbl for Distillates. Total commercial petroleum inventories decreased last week by -8.1 million barrels last week.
Natural Gas Futures for March 2022 settled down $.050 @ $3.959/mmbtu trading in a 0.186 cent range including the overnight session. The Energy Information Administration currently forecasts U.S. consumption of natural gas will average 105.2 billion cubic feet per day in February, down -3.0% from February 2021. Consumption in the forecast declines the most in the residential and commercial sectors, where consumption will average a combined 43.8 bcf/d, down -10.0% from last February. EIA data, forecast electric power section consumption will be 27.8 bcf/d in February, down -1.0% from last February. The changes are partly offset by industrial sector consumption, which grows by +4.0% from February 2021 in the forecast to average 24.8 bcf/d for the month.
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Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.
