Crude Holds Onto Losses With US Inventory Build

Crude is easing back although slowed some losses after EIA data showed a build in US crude inventories against expectations of a drop. The WTI-Brent spread widened slightly after a build in Cushing stocks. Diesel and gasoline cracks have eased back amid a decline in gasoline demand, while showing a build in gasoline stocks. Distillates stocks showed a draw.

• Crude stocks showed a build while expectations suggested a draw. Crude exports ticked lower on the week but remained high at 4.8mbpd. Imports edged higher on the week to just over 6mbpd, while refinery runs fell to the lowest since March at 15.189mbpd.
• Cushing stocks showed a build to 21.2mbbls, away from critical levels, after falling to the lowest level since 2014 last week.
• Distillates drew in line with seasonal trends amid increased exports while demand declined on the week. Implied distillates demand on a four-week basis rose.
• Gasoline inventories rose amid lower demand 8.86mbpd and lower exports.
• Brent DEC 23 down -0.5% at 87.61$/bbl
• WTI DEC 23 down -0.8% at 83.09$/bbl
• WTI-Brent down -0.15$/bbl at -4.53$/bbl
• Brent DEC 23-JAN 24 down -0.01$/bbl at 0.9$/bbl
• Brent DEC 23-DEC 24 down -0.31$/bbl at 6.28$/bbl
• US gasoline crack down -0.3$/bbl at 10.9$/bbl
• US ULSD crack down -1.8$/bbl at 38.9$/bbl