Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled up $0.71 @ $92.81/bbl trading in a $9.09 range including the overnight-RBOB settled up 4.57 cpg and Heating Oil settled up 6.77 cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon (to accommodate for holiday) showed that domestic crude supplies increased by +5.9 million barrels for the week ended February 18th. The weekly API data also showed a storage increase of +427 k/bbl for Gasoline and a draw of -985 k/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Thursday morning (to accommodate for holiday) showed that domestic crude supplies increased by +4.5 million barrels for the week ended February 18th. The weekly EIA data also showed a storage decrease of -600 k/bbl for Gasoline and a draw -600 k/bbl for Distillates. Total commercial petroleum inventories decreased last week by -1.8 million barrels last week.

Natural Gas Futures for March 2022 settled down $0.055 @ $4.568/mmbtu trading in a .647 cent range including the overnight session. The Energy Information Administration currently estimate that domestic LNG exports averaged 11.2 billion cubic feet per day in January 2022, up from 10.4 bcf/d in Q4/21, supported by large price differences between the Henry Hub price in the United States and spot prices in Europe and Asia. Inventories in Europe remain much lower than their five-year averages and are contributing to strong demand for LNG imports. The EIA expects high levels of U.S. LNG exports to continue into 2022, averaging 11.3 bcf/d for the year, a +16.0% increase from 2021. The forecast reflects assumptions that global natural gas demand remains strong and that expected additional U.S. LNG export capacity comes online.

 

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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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