Coquest Daily Energy Report

Crude Oil Futures for July 2022 settled up $2.27 @ $117.58/bbl. trading in a $5.77 range including the overnight-RBOB settled up 6.12/cpg and Heating Oil settled up 2.49/cpg. According to Energy Information Administration weekly data, U.S. crude oil imports averaged 7.0 million barrels per day last week, an increase of +0.8 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day or +2.2% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 650,000 barrels per day, and distillate fuel imports averaged 158,000 barrels per day.

Natural Gas Futures for July 2022 settled up $0.044 @ $7.464/mmbtu trading in a .697 cent range including the overnight session. Freeport LNG will not resume full operations at its liquefication plant on Quintana Island until the end of this year, according to the company’s Tuesday press release. While China’s LNG demand may be calming the hot LNG market, news that Freeport LNG’s Texas plant will not resume full operations until late 2022 may upset the market. “At this time, completion of all necessary repairs and a return to full plant operations is not expected until late 2022,” Freeport LNG said, adding that partial operations could be resumed within 90 days.


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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.