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OIL: Crude Holds Gains After EIA Crude Stock Draw

OIL
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Crude front month is edging towards the high from earlier in the day after a drop in US crude inventories according to the updated EIA US weekly petroleum data. Diesel and gasoline cracks are softening slightly after another week of inventory builds.

  • US crude inventories fell more than expected with a large rebound in exports and small dip in production for a fifth week. The fall is despite a larger than expected drop in refinery runs to 91.7% with Gulf Coast now operating below year ago levels. Cushing stocks recovered slightly but remain well below the previous five year range.
  • Gasoline stocks increased due to higher production and a drop in implied demand, likely due to restricted travel amid cold weather, and despite slightly higher exports. The four week average implied gasoline demand edged lower but remains just above the previous five year average.
  • Distillates stocks also rose to the highest since Jan 2024 after a dip in exports and despite higher weekly implied demand. The four week average distillates demand has fallen back in line with the previous five year average.
    • Brent MAR 25 up 1.2% at 80.91$/bbl
    • WTI FEB 25 up 1.8% at 78.91$/bbl
    • WTI-Brent up 0.21$/bbl at -3.28$/bbl
    • WTI FEB 25-MAR 25 up 0.14$/bbl at 1.27$/bbl
    • WTI JUN 25-DEC 25 up 0.32$/bbl at 3.7$/bbl
    • US gasoline crack up 0$/bbl at 10.83$/bbl
    • US ULSD crack up 0.6$/bbl at 29.39$/bbl
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Crude front month is edging towards the high from earlier in the day after a drop in US crude inventories according to the updated EIA US weekly petroleum data. Diesel and gasoline cracks are softening slightly after another week of inventory builds.

  • US crude inventories fell more than expected with a large rebound in exports and small dip in production for a fifth week. The fall is despite a larger than expected drop in refinery runs to 91.7% with Gulf Coast now operating below year ago levels. Cushing stocks recovered slightly but remain well below the previous five year range.
  • Gasoline stocks increased due to higher production and a drop in implied demand, likely due to restricted travel amid cold weather, and despite slightly higher exports. The four week average implied gasoline demand edged lower but remains just above the previous five year average.
  • Distillates stocks also rose to the highest since Jan 2024 after a dip in exports and despite higher weekly implied demand. The four week average distillates demand has fallen back in line with the previous five year average.
    • Brent MAR 25 up 1.2% at 80.91$/bbl
    • WTI FEB 25 up 1.8% at 78.91$/bbl
    • WTI-Brent up 0.21$/bbl at -3.28$/bbl
    • WTI FEB 25-MAR 25 up 0.14$/bbl at 1.27$/bbl
    • WTI JUN 25-DEC 25 up 0.32$/bbl at 3.7$/bbl
    • US gasoline crack up 0$/bbl at 10.83$/bbl
    • US ULSD crack up 0.6$/bbl at 29.39$/bbl