Crude Maintains Losses and Gasoline Falls After Weak EIA Demand

Crude maintains earlier losses after a slightly larger than expected draw in US inventories. Diesel cracks are relatively unchanged after an initial dip lower but gasoline cracks fall further as demand falls again.

• Crude stocks fall driven by a drop in imports and higher exports back towards 5mbpd. Refinery runs saw a bigger than expected decline maintenance outages and Cushing stocks showed a small gain to halt the recent declining trend. Refinery rates on the Guld Coast fell below 90% amid a turnaround at Shell Norco refinery.
• Gasoline stocks showed a draw due to a drop in production to offset higher imports and further drop in demand as total stocks stay just below the five year average. Four week average gasoline demand fell to the lowest for this time of year since 1998.
• Distillates stocks also showed a small draw to keep total levels near the five year range lows. A drop in production and higher exports offset the lower weekly demand. Four week average implied demand remained relatively unchanged in the week.
  • Brent DEC 23 down -3.2% at 88.03$/bbl
  • WTI NOV 23 down -3.1% at 86.43$/bbl
  • WTI-Brent up 0.08$/bbl at -3.34$/bbl
  • WTI NOV 23-DEC 23 down -0.06$/bbl at 1.73$/bbl
  • WTI DEC 23-DEC 24 down -0.52$/bbl at 9.29$/bbl
  • US 321 crack down -1.1$/bbl at 19.63$/bbl
  • US gasoline crack down -0.8$/bbl at 8.06$/bbl
  • US ULSD crack down -1.7$/bbl at 42.76$/bbl