© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CANADA GIVING UKRAINE CAD650 MILLION OVER 3 YEARS

FED'S DALY SAYS PATIENCE IS A PRUDENT STRATEGY RIGHT NOW

MNI BRIEF: ECB “Can’t Rule Out Cuts” On Latest Info - De Cos

EZ/UK T-Bill Calendar: Germany And France To Issue On Monday

MNI: US SEP FLASH S&P MANUF PMI 48.9 (FCST 48.2); AUG 47.9

MNI: CANADIAN JUL RETAIL SALES +0.3%; SALES EX-AUTOS/PARTS +1.0%

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Crude Back Up After Initial Drop Following EIA Stock Build

OIL
BulletEnergy BulletsHomepageCommoditiesUS

Crude is back positive on the day after an initial pull back after a build in US crude stocks. Gasoline and diesel price moves have followed a similar pattern and back to levels seen before the data release.

  • The crude build was driven by a rise in production and imports and big drop in exports despite higher refinery runs. Crude imports were the highest since August 2019. Refinery utilisation unexpectedly rose on the week after the decline in the last couple of weeks although Midwest run rates dipped.
  • Cushing stocks fell as expected taking Midwest stocks to the lowest since July 2022.
  • Gasoline and distillates stocks built on the week to help provide a little relief to the low total stocks. The builds were driven by a drop in implied demand and despite a drop in gasoline production on the week. Gasoline implied demand fell 11% on the week with four week average demand softer in line with the seasonal normal.
  • Other oil supplied reached the highest since 1990. Other oil supplies are of particular interest with the area subject to the revised EIA methodology to limit the adjustment factor.
    • Brent NOV 23 up 0.4% at 92.42$/bbl
    • WTI OCT 23 up 0.5% at 89.26$/bbl
    • WTI-Brent up 0.03$/bbl at -3.89$/bbl
    • WTI OCT 23-NOV 23 up 0.05$/bbl at 0.73$/bbl
    • WTI DEC 23-DEC 24 up 0.29$/bbl at 8.72$/bbl
    • US gasoline crack up 0.1$/bbl at 25.29$/bbl
    • US ULSD crack up 3.2$/bbl at 54.2$/bbl
233 words

To read the full story

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Crude is back positive on the day after an initial pull back after a build in US crude stocks. Gasoline and diesel price moves have followed a similar pattern and back to levels seen before the data release.

  • The crude build was driven by a rise in production and imports and big drop in exports despite higher refinery runs. Crude imports were the highest since August 2019. Refinery utilisation unexpectedly rose on the week after the decline in the last couple of weeks although Midwest run rates dipped.
  • Cushing stocks fell as expected taking Midwest stocks to the lowest since July 2022.
  • Gasoline and distillates stocks built on the week to help provide a little relief to the low total stocks. The builds were driven by a drop in implied demand and despite a drop in gasoline production on the week. Gasoline implied demand fell 11% on the week with four week average demand softer in line with the seasonal normal.
  • Other oil supplied reached the highest since 1990. Other oil supplies are of particular interest with the area subject to the revised EIA methodology to limit the adjustment factor.
    • Brent NOV 23 up 0.4% at 92.42$/bbl
    • WTI OCT 23 up 0.5% at 89.26$/bbl
    • WTI-Brent up 0.03$/bbl at -3.89$/bbl
    • WTI OCT 23-NOV 23 up 0.05$/bbl at 0.73$/bbl
    • WTI DEC 23-DEC 24 up 0.29$/bbl at 8.72$/bbl
    • US gasoline crack up 0.1$/bbl at 25.29$/bbl
    • US ULSD crack up 3.2$/bbl at 54.2$/bbl