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Crude Rallies After EIA Stock Draws and Product Demand Increase

OIL

Crude and crack spreads rally after unexpected draws in US EIA inventory data.

    • Brent NOV 22 up 2.1% at 88.06$/bbl
    • WTI NOV 22 up 2.9% at 80.76$/bbl
    • WTI-Brent up 0.45$/bbl at -7.3$/bbl
    • US gasoline crack up 0.1$/bbl at 21.23$/bbl
    • US ULSD crack up 2.8$/bbl at 56.97$/bbl
  • A big rise in crude exports was offset by a large fall in refinery runs and imports as crude stocks show a small draw. Oil production fell to the lowest since August due to Gulf of Mexico offshore maintenance.
  • Gasoline and Distillate demand increased bringing the 4-week demand back to 2020 levels but still well below normal. Both products saw a fall in exports but was offset by a fall in imports. Low refinery runs due to high outages and an increase in demand has resulted in the stock draws.

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