Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled up $2.70 @ $122.11/bbl. trading in a $3.88 range including the overnight-RBOB settled up 6.42/cpg and Heating Oil settled down 0.63/cpg. The American Petroleum Institute’s weekly Crude Oil storage report released late Tuesday afternoon showed that domestic crude supplies increased by +1.8 million barrels for the week ended June 3rd, 2022. The weekly API data also showed a storage increase of +1.8 mil/bbl. for Gasoline and a build of +3.4 mil/bbl. for Distillates. The Energy Information Administration’s weekly petroleum storage report released early Wednesday morning showed that domestic crude supplies increased by +2.0 million barrels for the week ended June 3rd, 2022. The weekly EIA data also showed a storage decrease of -800 k/bbl for Gasoline and a build of +2.6 mil/bbl. for Distillates. Total commercial petroleum inventories increased last week by +11.0 million barrels last week.
Natural Gas Futures for July 2022 settled down $.594 @ $8.699/mmbtu trading in a 1.237 cent range including the overnight session. Preliminary expectations for this Thursday’s mornings weekly Energy Information Administration Natural Gas storage report calls for an addition of between +90 and +98 billion cubic feet for the week ended June 3rd, 2022. That compares with an increase of +90 bcf in the preceding week, a build of +98.0 bcf. a year earlier and a five-year average injection of +101.6 bcf. Updated weather forecasts show the heat is on for a majority of the lower forty-eight. From border to border and coast to coast with the exception of the extreme Northwest and northern New England regions which look to experience near normal temps over the next six-to-ten day time frame.
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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.Back