Coquest Daily Energy Report

Crude Oil Futures for July 2022 settled up $3.76 @ $114.09/bbl. trading in a $4.56 range including the overnight-RBOB settled up 4.57/cpg and Heating Oil settled up 10.16/cpg. According to EIA data, U.S. crude oil imports averaged 6.5 million barrels per day last week, down by -82,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, +8.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 847,000 barrels per day, and distillate fuel imports averaged 80,000 barrels per day.

Natural Gas Futures for June 2022 settled down $.063 @ $8.908/mmbtu trading in a .616 cent range including the overnight session. The Energy Information Administration currently estimates dry natural gas production averaged 95.5 bcf/d in the United States in April, up +0.4 bcf/d from March. Although production in April was lower than the recent peak in December 2021, it has increased in each of the past two months. We forecast dry natural gas production to average 95.8 bcf/d for May. For all of calendar 2022, the EIA expects that dry natural gas production will average 96.7 bcf/d, which would be +3.2 bcf/d more than in 2021. The EIA currently expects dry natural gas production to average 101.7 bcf/d during 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.