Coquest Daily Energy Report

Crude Oil Futures for December 2021 settled up $0.66 @ $81.93/bbl trading in a $1.62 range including the overnight-RBOB settled up 0.13/cpg and Heating Oil settled up 1.15/cpg. Last  Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +3.3 million barrels for the week ending October 29th, 2021. Gasoline inventories were down by -1.5 mil/bbl and Distillates were up for the time frame by +2.2 mil/bbl., domestic refiners ran at 86.3% versus 85.1% during the prior week. Total domestic crude storage now stands at 434.1 mil/bbls (ex-SPR) an increase of approximately +15.6 mil/bbl over the past five weeks while Gasoline stocks are down -7.6 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +600,000/bbl. last week.


Natural Gas Futures for December 2021 settled down $0.089 @ $5.427/mmbtu trading in a .283 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 increased by +63 billion cubic feet for the week ending October 29th, 2021 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 3.611 tcf. The 3.611 tcf represents a deficit, now standing at -8.0% or -313 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -2.7% or -101 billion cubic feet.


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