Coquest Daily Energy Report
Crude Oil Futures for May 2022 settled up $2.70 @ $108.21/bbl. trading in a $3.81 range including the overnight-RBOB settled down 0.33/cpg and Heating Oil settled up 3.60/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed a surprise increase of +9.4 million barrels for the week ending April 8th, 2022. Gasoline inventories decreased by -3.6 mil/bbl and Distillates also decreased for the time frame by -2.9 mil/bbl., domestic refiners ran at 90.0% versus 92.5% during the prior week. Total domestic crude oil storage now stands at 421.7 mil/bbls (ex-SPR) an increase of approximately +10.2 mil/bbl over the past five weeks while Gasoline stocks are down -11.5 mil/bbls. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +7.4 million barrels for the week.
Natural Gas Futures for May 2022 settled up $.520 @ $7.820/mmbtu trading in a 0.700 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 +15.0 billion cubic feet for the week ending April 8th, 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 1.397 trillion cubic feet. The 1.397 tcf represents a deficit, now standing at -23.9% or -439 bcf versus the year over year average, while the deficit versus the five year average also continues – now standing at -17.8% or -303 billion cubic feet. According to the data, 1.382 tcf is the low mark as we begin weekly injections.
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