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Crude and Spreads Rally Following EIA Inventory Data Update

OIL

Crude surges higher through the top of the recent range after the updated EIA stock data showing a build in crude and still strong distillate implied demand. Crack spreads have ticked slightly higher recovering some ground lost earlier in the day.

  • A further decline in refinery runs offset a rise in crude exports as stocks build more than expected. Crude exports reach new weekly high with a wide WTI-Brent spread and strong demand from Europe. Crude production remains unchanged and imports at the low end of the five year range.
  • Distillate implied demand remains high while gasoline is still below recent years except 2020 despite a slightly increase in the 4week average data.
  • Distillate exports saw a small increase but remain unexpectedly low to help a small build in stocks.
  • Gasoline showed higher imports offsetting strong exports and lower refinery runs to result in the inventory draw.
    • Brent DEC 22 up 2.2% at 95.62$/bbl
    • WTI DEC 22 up 3% at 87.84$/bbl
    • Gasoil NOV 22 up 2.3% at 1096.5$/mt
    • WTI-Brent up 0.2$/bbl at -7.78$/bbl
    • Brent DEC 22-JAN 23 up 0.12$/bbl at 1.9$/bbl
    • Brent JAN 23-FEB 23 up 0.09$/bbl at 1.73$/bbl
    • Brent DEC 22-DEC 23 up 0.85$/bbl at 12.63$/bbl
    • US gasoline crack down -0.6$/bbl at 21.42$/bbl
    • US ULSD crack up 0.4$/bbl at 65.09$/bbl

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