Crude and Diesel Edge Higher After US Inventory Data

Crude markets have regained some of the earlier losses after the latest EIA data showing a slightly larger than expected draw in crude inventories. Diesel markets are edging higher with low stocks supporting prices despite the small gains seen this week.

• Crude stocks showed a drop in imports and with exports holding strong after the gains seen last week and with a small, unexpected dip in refinery utilisation. US production increased once again up to 12.8mbpd, the highest since March 2020. Cushing stocks as expected drew taking stocks to the lowest since January.
• Despite the drop in refinery utilisation, all PADD regions remain above 90%.
• Gasoline and diesel stocks showed small gains boost by increased production while gasoline imports saw strong gains.
• Gasoline and distillates implied demand showed small gains on the week to keep the four week average near the low end of the previous five year range for the time of year.
• Brent OCT 23 down -1.3% at 82.96$/bbl
• WTI OCT 23 down -1.2% at 78.7$/bbl
• Gasoil SEP 23 down -0.3% at 911.75$/mt
• WTI-Brent up 0.03$/bbl at -4.25$/bbl
• WTI OCT 23-NOV 23 up 0.02$/bbl at 0.31$/bbl
• WTI NOV 23-DEC 23 up 0.02$/bbl at 0.34$/bbl
• WTI DEC 23-DEC 24 down -0.04$/bbl at 4.13$/bbl
• US gasoline crack at 27.48$/bbl
• US ULSD crack up 0.6$/bbl at 52.12$/bbl