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Crude Oil Decline Sails Through Record Crude Stock Draw

COMMODITIES
  • Crude markets have fallen further today with declines through the US session sandwiching only a brief lift on a record decline in US crude inventories amid weak demand data.
  • Gasoline and diesel crack spreads also dipped lower with a drop in gasoline demand and unchanged diesel demand.
  • EIA Crude oil inventories fell 17.05mn barrels in the week ending 28 Jul. Crude stocks drew with a rise in crude exports back above 5mbpd and big correction in the oil adjustment (unaccounted oil) figure and despite a bigger than expected drop in refinery utilisation and increased imports.
  • The DOE is again delaying replenishing the US SPR amid higher crude prices. The DOE plans to purchase 12mn bbls for SPR this year.
  • WTI is -2.3% at $79.52 off a low of $79.05, pushing closer to support at $77.09 (20-day EMA).
  • Brent is -2.0% at $83.23 off a low of $82.74, pushing closer to support at $81.06 (20-day EMA).
  • Gold is -0.4% at $1936.11, hindered by a further climb for the USD index and a bear steepening in Treasuries. It pushes through yesterday’s low of $1941.3 and comes closer to support at $1924.5 (Jul 11 low).
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