Crude Holds Steady Following Small US Crude Stock Draw

Crude remains unchanged after a small draw in crude stocks compared to the expectation of a small build. Diesel and gasoline cracks are slightly softer with little change in stock levels.

• Crude inventories fell as exports rebounded and import remined low and despite the expected fall in refinery utilisation and a recovery in production back to 12mbpd.
• Distillate and gasoline exports unexpectedly fell but imports remain low to keep stocks relativity unchanged and still well below normal.
• Distillate four-week average demand continue to recover back up to above normal levels for the time of year while gasoline demand remains weak.
  • Brent DEC 22 up 0.8% at 90.77$/bbl
  • WTI NOV 22 up 0.9% at 83.53$/bbl
  • Gasoil NOV 22 down -3.4% at 1067.75$/mt
  • WTI-Brent down -0.25$/bbl at -8.04$/bbl
  • Brent DEC 22-JAN 23 up 0.26$/bbl at 1.69$/bbl
  • Brent JAN 23-FEB 23 up 0.16$/bbl at 1.63$/bbl
  • Brent DEC 22-DEC 23 up 0.75$/bbl at 10.82$/bbl
  • US gasoline crack up 0.1$/bbl at 24.45$/bbl
  • US ULSD crack down -5.4$/bbl at 78.52$/bbl