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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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.

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