Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled down $1.22 @ $91.59/bbl trading in a $5.58 range including the overnight-RBOB settled down 4.37/cpg and Heating Oil settled up 4.74/cpg. Thursday morning’s (to accommodate for holiday) weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +4.5 million barrels for the week ending February 18th. Gasoline inventories were down by -600 k/bbl and Distillates were also down for the time frame by -600 k/bbl., domestic refiners ran at 87.4% versus 85.3% during the prior week. Total domestic crude storage now stands at 416.0 mil/bbls (ex-SPR) an increase of approximately +2.2 mil/bbl over the past five weeks while Gasoline stocks are down -150 k/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -1.8 mil/bbl. last week.

Natural Gas Futures for April 2022 settled down $0.171 @ $4.470/mmbtu trading in a .299 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early Thursday morning showed that Natural Gas storage decreased by -122 billion cubic feet for the week ending February 18th, 2022 on the higher side of estimates-but certainly within most analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.782 trillion cubic feet. The 1.782 tcf represents a deficit, now standing at -10.5% or -209 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -10.7% or 214 bcf.

 

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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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