Coquest Daily Energy Report
Crude Oil Futures for April 2022 settled down $2.93 @ $107.67/bbl trading in a $10.14 range including the overnight-RBOB settled down 2.39/cpg and Heating Oil settled up 0.87/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -6.1 million barrels for the week ended February 25th. The weekly API data also showed a storage decrease of -2.5/bbl for Gasoline and a modest build of +400 k/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -2.6 million barrels for the week ended February 25th. The weekly EIA data also showed storage decreases of -500 k/bbl for Gasoline and a draw -600 k/bbl for Distillates. Total commercial petroleum inventories decreased last week by -3.9 million barrels last week.
Natural Gas Futures for April 2022 settled down $0.040 @ $4.722/mmbtu trading in a .308 cent range including the overnight session. Supplies of Russian liquefied natural gas to Europe have been disrupted by uncertainty over whether ships can discharge cargoes at European ports due to sanctions imposed on Russia. This comes at a time when Europe is contending with record prices for natural gas due to already extremely tight supply. According to leading shipping data, four tankers that loaded LNG at the Russian gas terminal in Yamal and initially said they were sailing to British and French ports have changed their destination status to “For Orders”. The change in destinations came after Britain said on Monday it was denying entry to British ports to ships that are Russian owned, operated, controlled, chartered, registered or flagged.
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