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Crude & Gasoline Lower, Diesel Stronger After EIA Data

OIL

Crude oil drifting lower after 3.28mbbl draw in crude and small draws in products

  • Crude exports dip off record levels but still over 4mbpd while production falls further and refinery runs increase.
  • Diesel cracks increasing with high exports and stronger demand and despite higher refinery utilization
  • Gasoline implied demand dips lower with 4-week demand back towards 2020 levels again; driving spreads lower.
  • Total oil exports at a record high of 11.076mbpd.
    • Brent OCT 22 down -0.2% at 100.05$/bbl
    • WTI OCT 22 down -0.2% at 93.52$/bbl
    • Gasoil SEP 22 up 3.8% at 1161.5$/mt
    • WTI-Brent down -0.05$/bbl at -6.52$/bbl
    • WTI OCT 22-NOV 22 down -0.03$/bbl at 0.46$/bbl
    • WTI DEC 22-DEC 23 up 0.23$/bbl at 9.55$/bbl
    • US gasoline crack down -2.7$/bbl at 18.9$/bbl
    • US ULSD crack up 4.5$/bbl at 70.03$/bbl
Energy BulletsCommodities
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