Coquest Daily Energy Report
Crude Oil Futures for April 2022 settled up $1.70 @ $91.91/bbl trading in a $5.89 range including the overnight-RBOB settled up 4.12/cpg and Heating Oil settled up 3.73/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +1.1 mil/bbl. for the week ending February 11th, 2022. Gasoline inventories were down by -1.3 mil/bbl and Distillates were also down for the time frame by -1.6 mil/bbl., domestic refiners ran at 85.3% versus 88.2% during the prior week. Total domestic crude storage now stands at 411.5 mil/bbls (ex-SPR) a decrease of approximately -1.8 mil/bbl over the past five weeks while Gasoline stocks are down -6.3 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -9.9 mil/bbl. last week.
Natural Gas Futures for March 2022 settled up $0.067 @ $4.498/mmbtu trading in a .413 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 -190 billion cubic feet for the week ending February 11th, 2022 on the lower side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.911 trillion cubic feet. The 1.911 tcf represents a deficit, now standing at -17.5% or -404 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -11.6% or -251 billion cubic feet.
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