Coquest Daily Energy Report

Crude Oil Futures for May 2022 settled up $5.66 @ $114.93/bbl. trading in a $7.02 range including the overnight-RBOB settled up 10.80/cpg and Heating Oil settled up 25.06/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -4.3 million barrels for the week ended March 18th. The weekly API data also showed a storage decrease of -626 k/bbl for Gasoline and a +826 k/bbl. build for Distillates. The Energy Information Administration weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -2.5 million barrels for the week ended March 18th. The weekly EIA data also showed a storage decreases of -2.9 mil/bbl for Gasoline and -2.1 mil/bbl. for Distillates. Total commercial petroleum inventories decreased last week by -6.7 million barrels last week.

Natural Gas Futures for April 2022 settled up $.045 @ $5.232/mmbtu trading in a 0.217 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 -55 and -65 billion cubic feet for the week ended March 18th, 2022. That compares with a decrease of -79.0 bcf in the preceding week, a pull of -32.0 bcf a year earlier and a five-year average withdrawal of -68.8 bcf. Updated weather forecasts show a lingering late chill for the Great Lakes region east towards New England while, the heart of the nation looks to experience somewhat above normal temperatures for the time of year over the next six-to-ten-day time frame.


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