Coquest Daily Energy Report
Crude Oil Futures for May 2022 settled up $3.65 @ $104.25/bbl trading in a $4.60 range including the overnight-RBOB settled up 13.75/cpg and Heating Oil settled up 25.40/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +7.7 million barrels for the week ended April 8th, 2022. The weekly API data also showed storage decreases of -5.0 mil/bbl for Gasoline and -4.9 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +9.4 million barrels for the week ended April 8th. The weekly EIA data also showed storage decreases of -3.6 mil/bbl for Gasoline and -2.9 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +7.4 million barrels last week.
Natural Gas Futures for May 2022 settled up $0.317 @ $6.997/mmbtu trading in a .437 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +25 and +30 billion cubic feet for the week ended April 8th, 2022. That compares with a decrease of -33 bcf in the preceding week, a build of +61.0 bcf a year earlier and a five-year average build of +30.0 bcf. Updated weather forecasts show an large plunge of cooler air descending from the North and Northwest and encompassing a majority or the lower forty-eight all the way the Gulf Coast region over the next six-to-ten day time frame.
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