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Free AccessCrude Lower and Cracks Higher After EIA US Stocks Data
Crude pulls back from earlier gains after a large crude inventory build and a smaller than expected recovery in refinery utilisation. Diesel and Gasoline cracks are both slightly higher due to the low refinery rates and with a small recovery in demand.
- Crude stocks showed a large build in line with API data last night as refinery utilisation still lags below the pre December cold weather disruption levels despite another increase this week. Crude production remained unchanged while exports bounced from the big drop last week.
- The low refinery rate assisted another build in Cushing stocks although levels remain below the five year range. Cushing stocks rose the most since Apr 2020. Refineries in the Rockies operated at the lowest on record at just 59.3% capacity.
- Distillate exports remain low but low imports, low production and a small increase in product supplied resulted in the stock draw. Gasoline implied demand also recovered slightly but the four week average was still down 2%.
- Brent MAR 23 up 0.3% at 85.24$/bbl
- WTI FEB 23 up 0% at 79.51$/bbl
- WTI-Brent down -0.22$/bbl at -5.35$/bbl
- WTI FEB 23-MAR 23 up 0.01$/bbl at -0.31$/bbl
- WTI JUN 23-DEC 23 down -0.06$/bbl at 2.72$/bbl
- US gasoline crack up 1.6$/bbl at 28.11$/bbl
- US ULSD crack up 0.9$/bbl at 58.15$/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.