Coquest Daily Energy Report

Crude Oil Futures for July 2022 settled up $1.61 @ $116.87/bbl. trading in a $6.36 range including the overnight-RBOB settled up 11.93/cpg and Heating Oil settled up 6.51/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Wednesday afternoon (to accommodate for Holiday) showed that domestic crude supplies decreased by -1.2 million barrels for the week ended May 27th, 2022. The weekly API data also showed a storage decrease of -256 k/bbl. for Gasoline and a build of +858 k/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Thursday morning (to accommodate for Holiday) showed that domestic crude supplies decreased by -5.1 million barrels for the week ended May 27th, 2022. The weekly EIA data also showed a storage decreases of -700 k/bbl for Gasoline and -500 k/bbl. for Distillates. Total commercial petroleum inventories increased last week by +600,000 barrels last week.

Natural Gas Futures for July 2022 settled down $0.211 @ $8.4875/mmbtu trading in a .680 cent range including the overnight session. Denmark’s largest energy company said Russia cut off its gas supply Wednesday because it refused to pay in rubles, the latest escalation over European energy amid the war in Ukraine. Russia previously halted natural gas supplies to Finland, Poland and Bulgaria for refusing a demand to pay in rubles. And on Tuesday, the tap was turned off to the Netherlands. Danish energy company Ørsted said it still expected to be able to serve its customers. “We stand firm in our refusal to pay in rubles, and we’ve been preparing for this scenario,” Ørsted CEO Mads Nipper said. ”The situation underpins the need of the EU becoming independent of Russian gas by accelerating the build out of renewable energy.”


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