Coquest Daily Energy Report
Crude Oil Futures for April 2022 settled up $3.31 @ $109.33/bbl trading in a $5.81 range including the overnight-RBOB settled up 15.54/cpg and Heating Oil settled up 12.14/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -1.9 million barrels for the week ending March 4th, 2022. Gasoline inventories were down by -1.4 mil/bbl and Distillates were also down for the time frame by -5.2 mil/bbl., domestic refiners ran at 89.3% versus 87.7% during the prior week. Total domestic crude storage now stands at 411.5 mil/bbls (ex-SPR) a decrease of approximately -3.6 mil/bbl over the past five weeks while Gasoline stocks are down -5.4 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -8.1 million barrels for the week.
Natural Gas Futures for April 2022 settled up $0.094 @ $4.725/mmbtu trading in a .175 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 -124 billion cubic feet for the week ending March 4th, 2022 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 1.519 trillion cubic feet. The 1.519 tcf represents a deficit, now standing at -15.6% or -281 bcf versus the year over year average, while the deficit versus the five year average also continues to deepen- now standing at -16.0% or 290 billion cubic feet.
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