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Crude & Gasoline Cracks Gain After EIA Data

OIL

Crude and gasoline crack spreads gain ground supported by an increase in gasoline implied demand as the crude stocks build and refinery utlisation dips largely in line with expectations.

  • Crude built with refinery runs as expected staying low and with low imports, record exports at 5.629mbpd and production holding steady at 12.3mbpd. Cushing stocks increased again for the ninth consecutive week to the highest since Jun21.
  • A further recovery in gasoline implied demand and lower refinery runs contributed to the stock draw despite low exports and high imports. US refiners are increase gasoline yields ahead of the driving season with yields up to 65% last week and the highest since Nov 2021.
  • Distillate stocks showed a small build with four week implied demand only marginally higher and with low import and exports.
    • Brent MAY 23 up 0.5% at 83.9$/bbl
    • WTI APR 23 up 0.3% at 77.3$/bbl
    • Gasoil MAR 23 up 0.8% at 840$/mt
    • WTI-Brent up -0.23$/bbl at -6.43$/bbl
    • WTI APR 23-MAY 23 down -0.03$/bbl at -0.17$/bbl
    • WTI JUN 23-DEC 23 down -0.07$/bbl at 2.48$/bbl
    • US gasoline crack up 0.7$/bbl at 34.72$/bbl
    • US ULSD crack up 1.9$/bbl at 42.47$/bbl

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