Coquest Daily Energy Report
Crude Oil Futures for May 2022 settled up $3.58 @ $107.82/bbl. trading in a $4.20 range including the overnight-RBOB settled up 12.17/cpg and Heating Oil settled up 9.24/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies decreased by -3.0 million barrels for the week ended March 25th. The weekly API data also showed a storage decrease of -1.4 mil/bbl for Gasoline and a draw of -215 k/bbl. build for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies decreased by -3.4 million barrels for the week ended March 25th. The weekly EIA data also showed a storage increases of +800 k/bbl for Gasoline and +1.4 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +1.8 million barrels last week.
Natural Gas Futures for May 2022 settled up $.275 @ $5.605/mmbtu trading in a 0.354 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an injection of between +23 and +33 billion cubic feet for the week ended March 25th, 2022. That compares with a decrease of -51.0 bcf in the preceding week, a build of +14.0 bcf a year earlier and a five-year average withdrawal of -29.4 bcf. Updated weather forecasts show in general, a normal weather pattern, with the exception of the central California region looking to experience somewhat above normal temperatures for the time of year over the next six-to-ten-day time frame.
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