Free Trial

Crude Edges Down and Cracks Pull Back After Weekly EIA Oil Data

OIL

Crude eases lower but still up on the day after an unexpected build in US crude inventories although data showed a draw at Cushing. Gasoline and diesel crack spreads are giving up earlier gains after another week of large inventory builds.

  • Crude stocks built amid a large drop in exports to more than offset lower imports and refinery runs and with production unchanged at 13.2mb/d on the week. Refinery utilisation as expected decline amid rising US outages during Jan with East Coast down to the lowest since Nov amid a two day outage at Monroe Trainer VDU.
  • Gasoline stocks showed another large build following on from last week driven by an increase in production despite a small drop in imports while demand recovered slightly on the week. Four week average implied demand was in line with the previous five year average.
  • Distillates stocks also built due to a drop in exports to also offset a recovery in implied demand. Despite the weekly demand increase the four week average was still below the previous five year range.
    • Brent MAR 24 up 0.6% at 78.02$/bbl
    • WTI FEB 24 up 1% at 72.93$/bbl
    • WTI-Brent up 0.12$/bbl at -5.12$/bbl
    • WTI FEB 24-MAR 24 up 0.08$/bbl at 0.03$/bbl
    • WTI JUN 24-DEC 24 up 0.02$/bbl at 1.92$/bbl
    • US gasoline crack up 0.2$/bbl at 15.33$/bbl
    • US ULSD crack up 0$/bbl at 38.97$/bbl

To read the full story

Close

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.