August 17, 2022 14:41 GMT
Crude higher after large unexpected draw in EIA crude stocks
- Crude draw driven by record exports and a dip in production. Refinery utilization was down more the expected due to a fall in the Gulf, East and West Coasts.
- Big draw in gasoline with implied demand recovering back above 2020 levels and towards normal. Gasoline cracks rebounding.
- Distillate implied demand also up slightly as stocks show only small build. Diesel spreads continue to rally.
- Brent OCT 22 up 1.8% at 94.02$/bbl
- WTI SEP 22 up 2.3% at 88.56$/bbl
- Gasoil SEP 22 up 3.4% at 1053$/mt
- WTI-Brent up 0.16$/bbl at -5.89$/bbl
- Brent OCT 22-NOV 22 up 0.02$/bbl at 0.62$/bbl
- Brent DEC 22-DEC 23 up 0.4$/bbl at 6.44$/bbl
- US gasoline crack down -0.5$/bbl at 34.91$/bbl
- US ULSD crack up 2.2$/bbl at 61.25$/bbl