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Crude and Products Lower on Lagging EIA Demand Data

OIL

Crude and refined product prices traded lower late yesterday in reaction to the release of the EIA inventory data. Product cracks continue to drift off this morning while crude is holding near close levels.

  • Brent SEP 22 up 0.2% at 112.63$/bbl
  • WTI AUG 22 up 0.1% at 109.87$/bbl
  • Gasoil JUL 22 down -2.2% at 1193$/mt
  • WTI-Brent down -0.07$/bbl at -6.22$/bbl
  • US gasoline crack down -1.9$/bbl at 42.2$/bbl
  • US ULSD crack down -1.1$/bbl at 55.45$/bbl
  • Although the EIA crude inventories showed a draw, there were builds in both gasoline and diesel. Oil product demand is lagging further behind average levels in what could be a sign that high pump prices are starting to impact demand. US crude production has at last increased above 12mbpd after holding steady for much of the year.
  • The market continues to balance the downside risks from an economic slowdown against the upside risks of tight supply. OPEC+ are due to meet later today and is expected to agree to the planned increase in output for August while some members continue to struggle to meet existing targets. Production from Libya and Ecuador remains uncertain as political protests continue to disrupt supply. Any immediate hopes for the return of more Iranian oil also appear limited after talks to revive a nuclear deal ended with little progress.
  • Brent SEP 22-OCT 22 down -0.03$/bbl at 3.16$/bbl
  • Brent DEC 22-DEC 23 up 0.16$/bbl at 12.45$/bbl
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Crude and refined product prices traded lower late yesterday in reaction to the release of the EIA inventory data. Product cracks continue to drift off this morning while crude is holding near close levels.

  • Brent SEP 22 up 0.2% at 112.63$/bbl
  • WTI AUG 22 up 0.1% at 109.87$/bbl
  • Gasoil JUL 22 down -2.2% at 1193$/mt
  • WTI-Brent down -0.07$/bbl at -6.22$/bbl
  • US gasoline crack down -1.9$/bbl at 42.2$/bbl
  • US ULSD crack down -1.1$/bbl at 55.45$/bbl
  • Although the EIA crude inventories showed a draw, there were builds in both gasoline and diesel. Oil product demand is lagging further behind average levels in what could be a sign that high pump prices are starting to impact demand. US crude production has at last increased above 12mbpd after holding steady for much of the year.
  • The market continues to balance the downside risks from an economic slowdown against the upside risks of tight supply. OPEC+ are due to meet later today and is expected to agree to the planned increase in output for August while some members continue to struggle to meet existing targets. Production from Libya and Ecuador remains uncertain as political protests continue to disrupt supply. Any immediate hopes for the return of more Iranian oil also appear limited after talks to revive a nuclear deal ended with little progress.
  • Brent SEP 22-OCT 22 down -0.03$/bbl at 3.16$/bbl
  • Brent DEC 22-DEC 23 up 0.16$/bbl at 12.45$/bbl