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Crude Maintains Post-EIA Momentum

OIL

US crude oil stocks, including those in the SPR, rose by 1.1 million barrels in the week ended March 17 following an increase of 1.6 million barrels in the previous week.

  • Gasoline stocks declined by 6.4 million barrels on the week and distillate stocks declined by 3.3 million barrels. The unexpected size of the fuel drop is the driver of crude prices post EIA release.
  • Vortexa figures out earlier in the week place US crude exports at a record pace of around 4.5mn bpd – driven by European demand replacing Russian volumes.
  • The jump in gasoline flows from Europe to the US that usually precedes the American driving season has failed to materialize so far this year according to Kpler.
  • The post EIA release crude boost is holding up with the Fed rate decision at 1400ET, 1800GMT. Crude has broken into a new session high.
  • Brent MAY 23 up 1.1% at 76.15$/bbl
  • WTI MAY 23 up 1.1% at 70.45$/bbl
  • Gasoil APR 23 up 3.4% at 796.75$/mt
  • WTI-Brent down -0.02$/bbl at -5.71$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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