Coquest Daily Energy Report
Crude Oil Futures for May 2022 settled up $0.36 @ $113.90/bbl. trading in a $5.44 range including the overnight-RBOB settled up 8.03/cpg and Heating Oil settled down 3.88/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -2.5 million barrels for the week ending March 18th, 2022. Gasoline inventories were down by -2.9 mil/bbl and Distillates were also down for the time frame by -2.1/bbl., domestic refiners ran at 91.1% versus 90.4% during the prior week. Total domestic crude oil storage now stands at 413.4 mil/bbls (ex-SPR) an increase of approximately +1.9 mil/bbl over the past five weeks while Gasoline stocks are down -9.0 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories decreased by -6.7 million barrels for the week.
Natural Gas Futures for April 2022 settled up $.170 @ $5.571/mmbtu trading in a 0.232 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 -51 billion cubic feet for the week ending March 18th, 2022 on the lower side of estimates-but certainly within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.389 trillion cubic feet. The 1.389 tcf represents a deficit, now standing at -20.9% or -366 bcf versus the year over year average, while the deficit versus the five year average also continues – now standing at -17.4% or -293 billion cubic feet.
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