Coquest Daily Energy Report
Crude Oil Futures for March 2022 settled up $ @ $93.66/bbl trading in a $3.38 range including the overnight-RBOB settled up 0.80 cpg and Heating Oil settled down 0.20 cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -1.0 million barrels for the week ended February 11th. The weekly API data also showed storage decreases of -900 k/bbl for Gasoline and -500 k/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +1.1 million barrels for the week ended February 11th. The weekly EIA data also showed a storage decreases of -1.3 mil/bbl for Gasoline and a draw -1.6 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -9.9 million barrels last week.
Natural Gas Futures for March 2022 settled up $0.411 @ $4.717/mmbtu trading in a .370 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a withdrawal of between -195 and -205 billion cubic feet for the week ended February 11th, 2022. That compares with a decrease of -222 bcf in the preceding week, a pull of -237 bcf a year earlier and a five-year average withdrawal of -154.8 bcf. Updated weather forecasts show an encroachment of below average temperatures approaching from the north and west and encompassing the majority of the forty-eight, while the East Coast looks to enjoy above average temps over the next eight to fourteen day time frame.
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