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Crude Extends Decline After Large API US Stocks Build

OIL

Crude markets are extending a decline from yesterday towards the front month Brent low from last week of 85.06$/bbl. Market volatility remains subdued with geopolitical risks, potential Fed easing this year and expectation of a market deficit in Q2 due to tighter supply weighed against demand uncertainty in China and non-compliance with OPEC+ quotas.

    • Brent MAY 24 down 1.1% at 85.33$/bbl
    • WTI MAY 24 down 1% at 80.79$/bbl
    • Gasoil APR 24 down 1.2% at 807.75$/mt
    • WTI-Brent up 0.04$/bbl at -4.53$/bbl
  • Strong US supply also weighs on prices with API data yesterday suggesting another significant crude stock build of 9.34mbbl last week according to Bloomberg. Data also showed gasoline inventories fell 4.4mbbl suggesting a decline for an eight week while distillates stocks increased slightly by 0.5mbbl. The official EIA weekly petroleum data is out later today.
  • OPEC+ is unlikely to make any output policy changes until the next full OPEC+ ministerial meeting in June, three OPEC sources told Reuters.
  • India has stopped buying Venezuelan oil because of the possibility that the US waiver of sanctions on Venezuela won’t be renewed according to Bloomberg.
    • Brent MAY 24-JUN 24 down 0.06$/bbl at 0.56$/bbl
    • Brent JUN 24-DEC 24 down 0.19$/bbl at 3.93$/bbl
  • Diesel and gasoline cracks have steadied after a drop yesterday amid a recovery in US refining and weak seasonal demand. The US diesel crack spread is the lowest since June 2023, but gasoline cracks are seeing more support with demand increasing ahead of the summer driving season.
    • US gasoline crack down 0.1$/bbl at 31.13$/bbl
    • US ULSD crack up 0$/bbl at 28.13$/bbl
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