Coquest Daily Energy Report

Crude Oil Futures for April 2022 settled up $8.01 @ $115.68/bbl. trading in a $8.71 range including the overnight-RBOB settled up 25.96/cpg and Heating Oil settled up 27.29/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -2.6 million barrels for the week ending February 25th. Gasoline inventories were down by -500 k/bbl and Distillates were also down for the time frame by -600 k/bbl., domestic refiners ran at 87.7% versus 87.4% during the prior week. Total domestic crude storage now stands at 413.4 mil/bbls (ex-SPR) a decrease of approximately -2.7 mil/bbl over the past five weeks while Gasoline stocks are down -1.9 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -3.9 mil/bbl. last week.

Natural Gas Futures for April 2022 settled up $.294 @ $5.016/mmbtu trading in a 0.317 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 -139 billion cubic feet for the week ending February 25th, 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 1.643 trillion cubic feet. The 1.643 tcf represents a deficit, now standing at -11.6% or -216 bcf versus the year over year average, while the deficit versus the five year average also continues- now standing at -13.4% or 255 bcf.


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