Crude and Gasoline Edge Higher after US Stock Draws

Crude market gains ground back towards flat on the day after a draw in US stocks. Gasoline crack spreads also trading higher with a stock draw and steady implied demand.

• US crude stocks fell on the week due to a small increase in refinery utilisation, a drop in production and with a big reduction down in the unaccounted oil adjustment. The fall comes despite a big drop in crude exports from the record levels seen last week. Cushing stocks fell for the first time this year.
• Gasoline stocks fell to put more pressure on crack spreads due to a pick up in exports and drop in imports while refinery output remains low due to the current maintenance season. Four week average gasoline demand held steady this week after the recovery towards normal levels since January. Gasoline inventories in the central Atlantic region rose to the highest since Jul 2021.
• Diesel stocks showed a small build with another weak implied demand figure keeping levels well below normal and despite a drop in imports and higher exports.
  • Brent MAY 23 down -0.2% at 83.09$/bbl
  • WTI APR 23 down -0.6% at 77.14$/bbl
  • Gasoil MAR 23 down -0.5% at 819$/mt
  • WTI-Brent down -0.27$/bbl at -5.82$/bbl
  • WTI APR 23-MAY 23 down -0.01$/bbl at -0.15$/bbl
  • WTI JUN 23-DEC 23 up 0.02$/bbl at 2.26$/bbl
  • WTI DEC 23-DEC 24 down -0.12$/bbl at 4.71$/bbl
  • US gasoline crack up 0.7$/bbl at 36$/bbl
  • US ULSD crack down -0.8$/bbl at 39.11$/bbl