Coquest Daily Energy Report
Crude Oil Futures for April 2022 settled down $15.00 @ $108.70/bbl. trading in a $23.21 range including the overnight-RBOB settled down 38.88/cpg and Heating Oil settled down 97.30/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +2.8 million barrels for the week ended March 4th. The weekly API data also showed storage decreases of -1.9 mil/bbl for Gasoline and -5.5 mil/bbl for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -1.9 million barrels for the week ended March 4th. The weekly EIA data also showed storage decreases of -1.4 mil/bbl for Gasoline and -5.2 mil/bbl for Distillates. Total commercial petroleum inventories decreased last week by -8.1 million barrels last week.
Natural Gas Futures for April 2022 settled down $.001 @ $4.526/mmbtu trading in a 0.175 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for a withdrawal of between -160 and -170 billion cubic feet for the week ended March 4th, 2022. That compares with a decrease of -139.0 bcf in the preceding week, a pull of -52.0 bcf a year earlier and a five-year average withdrawal of -74.8 bcf. Updated weather forecasts show cooler than average temperatures to linger from the Great Lakes to the southeast regions, while somewhat above normal temperatures return to the west and Plains states over the next six to ten day time frame.
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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.
