Coquest Daily Energy Report

Crude Oil Futures for June 2022 settled up $0.45 @ $108.26/bbl. trading in a $4.92 range including the overnight-RBOB settled up 0.64/cpg and Heating Oil settled down 15.77/cpg. According to Energy Information Administration data, U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending April29, 2022 which was -218,000 barrels per day less than the previous week’s average. Refineries operated at 88.4% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day. U.S. crude oil imports averaged 6.3 million barrels per day last week, up by +397,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, +3.3% more than the same four-week period last year.

Natural Gas Futures for June 2022 settled up $0.368 @ $8.783/mmbtu trading in a .690 cent range including the overnight session. Energy Information Administration data forecasts that U.S. consumption of natural gas will average 84.1 bcf/d during calendar 2022, up +1.0% from 2021. The increase in U.S. natural gas consumption is a result of colder forecast temperatures in 2022 compared with 2021, which resulted in more consumption in the residential and commercial sectors. In addition, expectations are that the industrial sector is expected to consume more natural gas in 2022 in response to expanding economic activity. The EIA currently expects U.S. natural gas consumption will average 84.7 bcf/d in 2023.


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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.