Crude Regains Some Ground but Gasoline Cracks Fall on EIA Data

Crude has edge back up slightly reversing an earlier decline after a larger than expected inventory draw in the latest EIA data. Gasoline cracks have fallen with a stock build and drop in implied demand while diesel cracks remain steady.

• Crude stocks declined more than expected with a large increase in refinery utilisation and with a recovery in exports after the dip last week. Cushing stocks drew for the seventh consecutive week.
• Distillates stocks continued to decline despite the higher refinery output and slightly higher imports and steady exports with implied demand once again relatively unchanged on the week.
• Gasoline stocks gained due to a drop in implied demand while exports gained and imports dipped. The East Coast region saw the biggest gasoline stock gains.
  • Brent JUN 23 down -1.3% at 83.67$/bbl
  • WTI MAY 23 down -1.3% at 79.77$/bbl
  • WTI-Brent up 0.04$/bbl at -3.85$/bbl
  • WTI MAY 23-JUN 23 unchanged at -0.04$/bbl
  • WTI DEC 23-DEC 24 down -0.14$/bbl at 5.14$/bbl
  • US gasoline crack down -1.2$/bbl at 33.2$/bbl
  • US ULSD crack down 0$/bbl at 28.15$/bbl