Coquest Daily Energy Report

Crude Oil Futures for May 2022 settled down $1.72 @ $104.24/bbl trading in a $8.40 range including the overnight-RBOB settled down 1.55/cpg and Heating Oil settled down 66.73/cpg. Domestic regular gasoline retail prices averaged $3.52 per gallon during February, up $0.20/gal from January and up $1.02/gal from February 2021. Retail diesel prices averaged $4.03/gal during February, which is the highest average price (not adjusted for inflation) for any month since March 2013. Product prices have risen compared with year-ago levels because of rising crude oil prices and high refining margins. We expect crude oil price increases will push the U.S. average gasoline price to $4.10/gal on average during the second quarter of 22.

Natural Gas Futures for April 2022 settled down $0.172 @ $5.336/mmbtu trading in a .236 cent range including the overnight session. For the month of February, domestic liquefied natural gas exports averaged 10.9 billion cubic feet per day bcf/d, down from 11.2 bcf/d during January. Similar to last year, domestic LNG exports for February were limited by fog in the Gulf of Mexico that severely affected vessel traffic and led to piloting services being suspended for several days on the Sabine Pass, Lake Charles and Corpus Christi waterways. Although exports fell in February, they were higher than in any month prior to December 2021. The EIA currently expects high levels of U.S. LNG exports to continue in 2022, averaging 11.3 bcf/d for the year, a +16.0% increase from 2021.


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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.