Coquest Daily Energy Report
Crude Oil Futures for July 2022 settled up $0.26 @ $120.93/bbl. trading in a $4.78 range including the overnight-RBOB settled down 10.40/cpg and Heating Oil settled down 3.70/cpg. Last Wednesday morning’s weekly Energy Information Administration domestic Crude Oil storage data showed an increase of +2.0 million barrels for the week ending June 3rd, 2022. Gasoline inventories decreased by -800 k/bbl. and Distillates increased for the time frame by +2.6 mil/bbl., domestic refiners ran at 94.2% versus 92.6% during the prior week. Total domestic crude oil storage now stands at 416.7 mil/bbls. (ex-SPR) an increase of approximately +1.03 mil/bbl. over the past five weeks while Gasoline stocks are down -10.4 mil/bbls. to 218.1 mil/bbl. over the same time frame. According to the weekly data, total commercial petroleum inventories increased by +11.0 million barrels for the week.
Natural Gas Futures for July 2022 settled down $0.241 @ $8.609/mmbtu trading in a .568 cent range including the overnight session. The Energy Information Administration’s weekly domestic Natural Gas storage report released early last Thursday morning showed that Natural Gas storage increased by +97.0 billion cubic feet for the week ending June 3rd, 2022- on the higher side of estimates, but certainly within analysts’ forecasts. According to EIA statistics, the current domestic natural gas storage total stands at 1.999 trillion cubic feet. The 1.999 tcf. represents a deficit, now standing at -16.6% or -398 bcf. versus the year over year average, while the deficit versus the five year average also continues – now standing at -14.5% or -340 billion cubic feet.
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