Free Trial

Crude Lower on Crude Build and Lower Product Demand

OIL

Crude trading lower after 2mbbl crude build in EIA inventory data.

  • Brent AUG 22 down -0.8% at 120.21$/bbl
  • WTI JUL 22 down -1.1% at 117.67$/bbl
  • Gasoil JUL 22 up 1.3% at 1314.75$/mt
  • WTI-Brent down -0.4$/bbl at -5.1$/bbl
  • Crude exports bounce back above 5-year range after unexpected fall last week
  • First crude production increase since mid April, up to 12mbpd.
  • Data shows lower gasoline, distillate and kerosene implied demand
  • Unexpected fall in refinery utilization to 93.7% but gasoline production slightly higher. Gasoline stock draw on lower refined product imports.

To read the full story

Close

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.