Crude / Distillates Drift Lower, Gasoline Recovers After EIA Data

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