Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled up $3.22 @ $93.10/bbl trading in a $5.47 range including the overnight-RBOB settled up 7.32 cpg and Heating Oil settled up 8.37 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 $0.018 @ $3.941/mmbtu trading in a .180 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 -221 billion cubic feet for the week ended February 4th, 2022- a bit lower than the majority of analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 2.101 trillion cubic feet. The 2.101 tcf represents a growing deficit, now standing at -17.3% or -441 bcf versus the year over year average, while the deficit versus the five year average now stands at a -9.3% surplus or -215 billion cubic feet.
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