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Crude Regains Ground, Product Edge Up After EIA Data

OIL

Crude reverses some of the earlier decline after a drop in the crude stocks roughly in line with expectations while crack spreads are edging higher with a drop in gasoline and distillates stocks.

  • Gasoline and distillate implied demand both saw gains on the week with gasoline demand up to 9.6mbpd.
    • Brent SEP 23 down -1% at 75.85$/bbl
    • WTI AUG 23 down -1% at 71.08$/bbl
    • WTI-Brent down -0.04$/bbl at -4.72$/bbl
    • WTI AUG 23-SEP 23 up 0.05$/bbl at -0.04$/bbl
    • WTI DEC 23-DEC 24 down -0.06$/bbl at 3.24$/bbl
    • US gasoline crack up 0.2$/bbl at 34.23$/bbl
    • US ULSD crack down -0.1$/bbl at 32.93$/bbl

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