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Free AccessCrude Holding Earlier Gains After Small EIA Crude Stocks Build
Crude markets are holding onto earlier gains after a small build in US inventories as expected. Diesel cracks are slightly stronger after an initial reaction lower in response to weak demand data while gasoline cracks are slightly softer.
- Crude showed a small build as expected driven by an increase in imports while production and export remained steady. Imports rose to 6.5mbpd as refineries are restarting following maintenance. Cushing stocks again built to help ease some of the pressure from the low stock levels.
- Total US refinery utilisation fell on the week while Midwest rose following eight weeks of declines as maintenance in the region eases.
- Gasoline stocks remained relatively unchanged on the week with stocks holding just above the five year average. A drop in gasoline production was offset by a weakening of demand on the week. The four week average demand however gained slightly but remains near the lower end of the five year range.
- Distillates stocks showed a small draw with a drop in production and product supplied on the week. The four week average demand fell counter to the seasonal trend taking level back down to the five year lows.
- Brent JAN 24 up 1.9% at 86.67$/bbl
- WTI DEC 23 up 2% at 82.68$/bbl
- WTI-Brent up 1.64$/bbl at -4.45$/bbl
- Brent JAN 24-FEB 24 up 0.04$/bbl at 0.61$/bbl
- Brent JUN 24-DEC 24 up 0.19$/bbl at 2.43$/bbl
- WTI DEC 23-JAN 24 down -0.06$/bbl at 0.46$/bbl
- WTI DEC 23-DEC 24 up 0.31$/bbl at 5.64$/bbl
- US gasoline crack up 0.4$/bbl at 12.55$/bbl
- US ULSD crack up 1.1$/bbl at 42.69$/bbl
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.