Free Trial
EQUITY TECHS

E-MINI S&P (H3): Approaching Key Resistance

COPPER TECHS

(H3) Corrective Cycle Extends

RUSSIA

Putin-We Will Deploy More Than Just Tanks

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Crude / Distillates Drift Lower, Gasoline Recovers After EIA Data

OIL

EIA weekly petroleum data showed a larger than expected crude build but roughly in line with the API data last night. The refined product draws were in line with prior expectation.

  • Crude and distillate cracks have drifted lower while gasoline has recovered some of the losses from earlier in the day.
  • The build in crude inventories takes levels to the highest since 2021. Crude built with an increase in production and despite a stronger than expected recovery in refinery utilisation and ongoing strong exports.
  • Gasoline inventories fall to the lowest since 2012 but distillate inventories in the area increased slightly. Refineries in all regions are operating above 90% over capacity with the exception of the Rocky Mountains.
  • Distillate and gasoline exports gained after a dip in recent weeks and imports saw an unexpected increase. Four week average distillate product supplied remains strong while gasoline supplied saw a slight recovery higher.
    • Brent JAN 23 down -2% at 93.45$/bbl
    • WTI DEC 22 down -2.2% at 86.95$/bbl
    • Gasoil NOV 22 down -3.7% at 1028$/mt
    • WTI-Brent unchanged at -7.37$/bbl
    • WTI DEC 22-JAN 23 down -0.03$/bbl at 0.88$/bbl
    • WTI DEC 22-DEC 23 down -0.42$/bbl at 9.55$/bbl
    • US gasoline crack down -0.4$/bbl at 21.41$/bbl
    • US ULSD crack down -2.5$/bbl at 67.6$/bbl
197 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

EIA weekly petroleum data showed a larger than expected crude build but roughly in line with the API data last night. The refined product draws were in line with prior expectation.

  • Crude and distillate cracks have drifted lower while gasoline has recovered some of the losses from earlier in the day.
  • The build in crude inventories takes levels to the highest since 2021. Crude built with an increase in production and despite a stronger than expected recovery in refinery utilisation and ongoing strong exports.
  • Gasoline inventories fall to the lowest since 2012 but distillate inventories in the area increased slightly. Refineries in all regions are operating above 90% over capacity with the exception of the Rocky Mountains.
  • Distillate and gasoline exports gained after a dip in recent weeks and imports saw an unexpected increase. Four week average distillate product supplied remains strong while gasoline supplied saw a slight recovery higher.
    • Brent JAN 23 down -2% at 93.45$/bbl
    • WTI DEC 22 down -2.2% at 86.95$/bbl
    • Gasoil NOV 22 down -3.7% at 1028$/mt
    • WTI-Brent unchanged at -7.37$/bbl
    • WTI DEC 22-JAN 23 down -0.03$/bbl at 0.88$/bbl
    • WTI DEC 22-DEC 23 down -0.42$/bbl at 9.55$/bbl
    • US gasoline crack down -0.4$/bbl at 21.41$/bbl
    • US ULSD crack down -2.5$/bbl at 67.6$/bbl