October 05, 2022 14:43 GMT
Crude markets bouncing with Brent between 91.3 and 92.7$/bbl after OPEC agree to a 2mbpd cut and EIA shows an unexpected draw in crude stocks and larger draw in product stocks.
- Crude draw driven by unexpected rise in refinery utilisation. Crude exports are still high with production unchanged and imports low.
- Larger draw in gasoline and distillate stocks than expected but more in line with API data. Unexpected fall in gasoline exports partly offset by lower imports while distillate exports are back above the 5-year range levels.
- Gasoline and distillate demand continue to recover this week with 4-week product supplied moving back above 2020 levels.
- Brent DEC 22 up 0.6% at 92.37$/bbl
- WTI NOV 22 up 0.4% at 86.88$/bbl
- Gasoil OCT 22 up 6% at 1169$/mt
- WTI-Brent down -0.13$/bbl at -6.45$/bbl
- Brent DEC 22-JAN 23 down -0.13$/bbl at 1.85$/bbl
- Brent DEC 22-DEC 23 up 0.11$/bbl at 12.42$/bbl
- US gasoline crack down -1.3$/bbl at 24.92$/bbl
- US ULSD crack up 4.5$/bbl at 66.08$/bbl