Coquest Daily Energy Report
Crude Oil Futures for May 2022 settled down $1.01 @ $99.27/bbl. trading in a $3.97 range including the overnight-RBOB settled up 0.26/cpg and Heating Oil settled up 6.31/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -3.4 million barrels for the week ending March 25th, 2022. Gasoline inventories increased by +800 k/bbl and Distillates were also up for the time frame by +1.4 mil/bbl., domestic refiners ran at 92.1% versus 91.1% during the prior week. Total domestic crude oil storage now stands at 409.9 mil/bbls (ex-SPR) a decrease of approximately -6.1 mil/bbl over the past five weeks while Gasoline stocks are down -7.6 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +1.8 million barrels for the week.
Natural Gas Futures for May 2022 settled up $.078 @ $5.720/mmbtu trading in a 0.273 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 increased by +26 billion cubic feet for the week ending March 25th, 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 1.415 trillion cubic feet. The 1.415 tcf represents a deficit, now standing at -19.7% or -347 bcf versus the year over year average, while the deficit versus the five year average also continues – now standing at -14.7% or -244 billion cubic feet.
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