Crude Gains, Products Decline After EIA Stock Data

Crude markets gains and product markets fall after EIA data showed a smaller recovery in refinery utilisation than expected, strong crude exports and weak product demand.

• The crude stock build came in below expectation after an increase in exports and lower imports and despite the smaller than expected refinery runs and unchanged production.
• As expected Cushing stocks showed a large increase by the highest since April 2020. Total Cushing stocks are still low but have recovered to the highest since Dec 2021.
• Imports of both gasoline and diesel increased while exports remained steady to help boost stock levels. Further weakness in the four week average product implied demand data added to the higher product inventories.
  • Brent MAR 23 up 0.5% at 86.53$/bbl
  • WTI MAR 23 up 0.8% at 80.76$/bbl
  • Gasoil FEB 23 down -2.4% at 962$/mt
  • WTI-Brent up 0.31$/bbl at -5.78$/bbl
  • Brent MAR 23-APR 23 up 0.04$/bbl at -0.08$/bbl
  • Brent JUN 23-DEC 23 up 0.17$/bbl at 2.96$/bbl
  • US gasoline crack down -1.8$/bbl at 30.13$/bbl
  • US ULSD crack down -3.2$/bbl at 57.2$/bbl