Crude Edges Higher, Diesel Dips After EIA US Stocks Data

Crude future and spreads markets edge higher but diesel and gasoline markets dip slightly following the latest EIA weekly oil inventory data.

• Crude inventories showed a small draw counter to the market expectation of a small build driven by a large increase in refinery utilisation and drop in imports offsetting an increase in production and big drop in exports. Production increased above the range seen in the last seven months. Gulf Coast refineries operated at the highest since Dec 2018 at 98.8%.
• Gasoline stocks remain at the bottom of the five year range despite a build this week led by higher production and higher imports. Four week average implied demand remained steady to hold higher than last year but below 2019 levels.
• Distillates stocks also built with higher production and a drop in exports while four week implied demand fell again despite a small weekly gain.
  • Brent AUG 23 up 1.3% at 77.27$/bbl
  • WTI JUL 23 up 1.5% at 72.82$/bbl
  • WTI-Brent up 0.05$/bbl at -4.36$/bbl
  • WTI JUL 23-AUG 23 up 0.02$/bbl at -0.09$/bbl
  • WTI DEC 23-DEC 24 up 0.42$/bbl at 4.19$/bbl
  • US 321 crack up 0.3$/bbl at 33$/bbl
  • US gasoline crack up 0.5$/bbl at 35.82$/bbl
  • US ULSD crack down -0.2$/bbl at 27.35$/bbl