Crude and Diesel Hold Onto Losses and Gasoline Rallies on EIA Data

Crude is holding onto losses after EIA crude inventories show a small US stock build compared to expectation of a small draw. Gasoline crack spreads are rallying on the stock draw and higher demand data while diesel crack continue to edge lower.

• Crude exports remain above normal while production dips back to 12mbpd and refinery runs expectedly increase back up to 92%.
• Distillate stocks hold at the lower end of the five year range as ongoing high exports balance against the higher refinery rate. Diesel implied demand ticked higher but remains below normal.
• Gasoline stocks declined due to high exports and a recovery in implied demand despite a rise in imports.
  • Brent MAR 23 down -1.5% at 82.72$/bbl
  • WTI FEB 23 down -1.4% at 77.86$/bbl
  • WTI-Brent up 0.16$/bbl at -4.17$/bbl
  • WTI FEB 23-MAR 23 up 0.01$/bbl at -0.11$/bbl
  • WTI JUN 23-DEC 23 down -0.08$/bbl at 2.4$/bbl
  • US gasoline crack up 0.7$/bbl at 21.41$/bbl
  • US ULSD crack down -2.3$/bbl at 56.71$/bbl