Crude and Products Edge Higher After US  Inventory Data

Crude and product crack spreads tick higher after a larger than expected draw in crude stocks and small increase in product demand.

• Crude inventories fell due to a fall in imports with exports maintaining above normal and despite a fall in refinery utilisation. Production remained unchanged. Cushing stocks built in line with API data from yesterday but stocks remain well below normal.
• Distillate stocks showed a small decline but stocks on the East Coast increased for the sixth week to continue the recent recovery. Another drop in refinery utilisation and lower imports limited product inventory gains.
• Both gasoline and distillate implied demand recovered slightly this week, but both remain well below normal for the time of year.
  • Brent FEB 23 up 2.3% at 81.83$/bbl
  • WTI FEB 23 up 2.4% at 78.07$/bbl
  • Gasoil JAN 23 up 3.7% at 899.75$/mt
  • WTI-Brent down -0.02$/bbl at -3.77$/bbl
  • WTI FEB 23-MAR 23 up 0.02$/bbl at 0.02$/bbl
  • WTI JUN 23-DEC 23 up 0.35$/bbl at 2.41$/bbl
  • US gasoline crack up 1$/bbl at 16.27$/bbl
  • US ULSD crack up 0.4$/bbl at 53.19$/bbl