Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled up $2.36 @ $95.46/bbl trading in a $3.73 range including the overnight-RBOB settled up 4.08/cpg and Heating Oil settled up 5.09/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -4.8 million barrels for the week ended February 4th, 2022. Gasoline inventories decreased by -1.6 mil/bbl and Distillates also drew down for the time frame by -900 k/bbl., domestic refiners ran at 88.2% versus 86.7% during the prior week. Total domestic crude storage now stands at 410.4 mil/bbls (ex-SPR) a decrease of approximately -7.5 million barrels over the past five weeks while Gasoline inventories increased by +15.6 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -8.1 million barrels last week.
Natural Gas Futures for March 2022 settled up $0.254 @ $4.195/mmbtu trading in a .189 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday morning showed that Natural Gas storage decreased by -222 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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