Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled up $0.98 @ $115.07/bbl. trading in a $2.45 range including the overnight-RBOB settled up 13.84/cpg and Heating Oil settled up 3.49/cpg. Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an decrease of -1.0 million barrels for the week ending May 20th, 2022. Gasoline inventories decreased by -500 k/bbl. and Distillates increased for the time frame by +1.7 mil/bbl., domestic refiners ran at 93.2% versus 91.8% during the prior week. Total domestic crude oil storage now stands at 419.8 mil/bbls. (ex-SPR) an increase of approximately +6.1 mil/bbl. over the past five weeks while Gasoline stocks are down -12.6 mil/bbls. to 219.7 /mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +700,000 barrels for the week.
Natural Gas Futures for July 2022 settled down $0.168 @ $8.727/mmbtu trading in a .610 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 +80.0 billion cubic feet for the week ending May 20th, 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 1.812 trillion cubic feet. The 1.812 tcf. represents a deficit, now standing at -17.6% or -387 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -15.3% or -327 billion cubic feet.
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