Crude Prices Recoup Some Losses Following EIA Stock Date

Crude prices are now moving upwards despite an above expectation build in US crude stocks, although remain down on the day.

• Crude stocks saw an above expectation increase in the week to April 12. Stable import levels and flat production at 13.1m b/d helped to ensure a build, despite a rise in exports by 2.018m b/d compared to the previous week.
• Gasoline drew by more than expected, down by 1.154m b/d on the week. There was small pick-up in implied demand, while production, imports, and exports all declined week on week.
• Distillate stocks also saw a stronger draw on the week, with a rise in weekly distillate demand. Production fell slightly on the week, while both imports and exports saw a decline.
• Brent JUN 24 down 0.8% at 89.32$/bbl
• WTI MAY 24 down 0.6% at 84.82$/bbl
• US gasoline crack down 1$/bbl at 32$/bbl
• US ULSD crack down 0.4$/bbl at 25.7$/bbl