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Crude Higher After EIA Draw

OIL

WTI and Brent bounce after unexpected EIA crude draw

  • Brent AUG 22 up 0.9% at 121.69$/bbl
  • WTI JUL 22 up 0.7% at 120.2$/bbl
  • WTI-Brent down -0.37$/bbl at -3.71$/bbl
  • Fall in crude driven by high refinery run rate as crude exports drop 1.7mbpd. Crude imports and production remain steady
  • Distillate inventories rise but still below 5-year range. Increase driven by higher imports and higher refinery run rate. US East Coast distillate inventories rise most since 1992.
  • Gasoline stock draw on continued high exports and higher implied demand

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