Crude Dips, Products Gain After EIA Weekly Oil Data

Crude falls after the updated weekly EIA petroleum data showing a smaller than expected crude draw with an unexpected drop in refinery utilisation. Gasoline and distillates stocks have gained slightly after small draws with weekly implied demand just slightly higher.

• Crude stocks drew with another rise in exports and dip in imports to offset lower production and refinery runs. Gulf Coast utilisation fell to 93.3% after an outage at Exxon Beaumont last week and could fall further next week with a unit outage at Exxon’s Baton Rouge. Cushing stocks extended the recent decline as expected.
• Gasoline and distillates stocks draw again to keep levels low compared to normal led by a drop in production with small increases in imports and drop in exports. Despite the national draw in gasoline, the New York Harbor inventories continued to build due to strong imports.
• Gasoline four week implied demand fell for a third week while distillates four week average demand showed a small recovery from the recent decline.
• Brent SEP 23 down -0.3% at 83.35$/bbl
• WTI SEP 23 down -0.4% at 79.28$/bbl
• WTI-Brent down -0.11$/bbl at -4.07$/bbl
• WTI SEP 23-OCT 23 up 0.01$/bbl at 0.44$/bbl
• WTI DEC 23-DEC 24 down -0.2$/bbl at 4.85$/bbl
• US gasoline crack up 1.7$/bbl at 39.84$/bbl
• US ULSD crack up 2.4$/bbl at 39.26$/bbl