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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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.