Weekly Petroleum Inventory Data Supplied By API And SeekingAlpha -- June 23, 2022

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Shares of energy companies fell sharply on Thursday, again sitting at the bottom of the S&P 500 leaderboard, as signs of slowing consumption sent oil prices sliding to six-week lows. 

U.S. crude oil futures (CL1:COM) closed -1.8% to $104.27/bbl, the lowest since May 10, after the American Petroleum Institute estimated U.S. crude inventories surprisingly increased by 5.6M barrels for the week ending June 17, underscoring concerns about demand destruction.

The Energy Information Administration delayed the release of its weekly report on oil inventories due to problems with its systems; analysts were forecasting a 1.2M-barrel drop in crude inventories and an 800K-barrel decline in gasoline stockpiles.

U.S. natural gas futures (NG1:COM) settled -9% to $6.239/MMBtu, the lowest closing price since April 6, as stockpiles showed a bigger than expected build of 74B cf during the week ended June 17.

Germany's government moved closer to rationing natural gas after Russia cut deliveries in an escalation of the economic war triggered by the invasion of Ukraine.