Crude and Product Crack Spreads Edge Higher After Weekly EIA Data

Crude seeing some support from a smaller than expected build in US crude inventories in the latest EIA weekly petroleum data. Diesel and gasoline cracks are also ticking back up from earlier losses with both showing stocks draws and a small increase in implied demand on the week

• US crude stocks build less than expected with a rise in exports back towards 5mb/d while production held at record levels and refinery utilisation remained unchanged on the week due to ongoing outages. The recent decline in refinery utilisation has haled although the rates are still low and were expected to gain slightly this week. West Coast runs dropped to the lowest since Jan last year.
• Diesel inventories fell for the fifth straight week with an increase in implied demand more than offsetting higher imports. Four week average implied demand has risen to just below the previous five year average but it still 8.7% below normal for the time of year.
• Gasoline stocks edged lower due to a drop in production set against higher imports. Weekly implied demand ticked higher as the four week average remains 3.1% below the five year average.
  • Brent APR 24 up 0.5% at 83.42$/bbl
  • WTI APR 24 up 0.7% at 78.47$/bbl
  • Gasoil MAR 24 down -0.1% at 836$/mt
  • WTI-Brent up 0.14$/bbl at -4.95$/bbl
  • WTI APR 24-MAY 24 up 0.12$/bbl at 0.72$/bbl
  • WTI JUN 24-DEC 24 up 0.14$/bbl at 3.5$/bbl
  • US gasoline crack down -0.6$/bbl at 27.66$/bbl
  • US ULSD crack down -0.3$/bbl at 34.01$/bbl