Crude and Diesel Hold onto Losses But Gasoline Edges Higher After EIA Data

Crude markets are holding onto earlier losses after a larger than expected crude draw. Diesel cracks remain weak, but gasoline cracks have seen a small recovery driven by higher demand.

• Crude stocks drew with an increase in refinery runs as expected, higher exports and with a drop in production although still within the recent 12.2-12.3mbpd range. SPR stocks also continued to decline as expected. Cushing stocks increased to end a declining trend since late Feb.
• Gasoline stocks drew with an increase in implied demand and despite higher production and imports.
• Distillates stocks showed a small draw with demand largely unchanged on the week but with a small drop in production while imports and exports also declined slightly.
  • Brent JUN 23 down -1.3% at 79.74$/bbl
  • WTI JUN 23 down -0.9% at 76.36$/bbl
  • WTI-Brent up 0.24$/bbl at -3.37$/bbl
  • WTI JUN 23-JUL 23 down -0.05$/bbl at 0.15$/bbl
  • WTI JUN 23-DEC 23 down -0.21$/bbl at 2.63$/bbl
  • WTI DEC 23-DEC 24 down -0.16$/bbl at 4.16$/bbl
  • US gasoline crack up 0.3$/bbl at 30.87$/bbl
  • US ULSD crack down -0.9$/bbl at 24.78$/bbl