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Crude Stabilizes, Diesel Falls After US Inventory Data

OIL

Crude prices have eased back after initially regaining some ground after the latest EIA data showed a large crude draw which was almost in line with expectations. Diesel prices have declined amid higher supplies.

  • Cushing crude stocks fell for a third week to the lowest since January by 1.504mn barrels, taking total volumes below 30mn barrels. A draw of more than 1mn barrels is seen as a bullish signal that demand for oil remains robust going into fall.
  • US crude exports were up modestly on the week, weighed on by Tropical Storm Harold that passed through the Texas Gulf Coast last week.
  • Implied gasoline demand showed a small gain on the week, while implied gasoline demand on a four-week basis also edged higher for the first time in three weeks. Gasoline inventories saw a small draw on the week, although below expectations. Distillates demand edged lower on the week. Midwest diesel supplies have risen to the highest in two years.
  • Brent OCT 23 up 0.3% at 85.71$/bbl
  • WTI OCT 23 up 0.4% at 81.5$/bbl
  • WTI OCT 23-NOV 23 up 0.01$/bbl at 0.49$/bbl
  • WTI DEC 23-DEC 24 up 0.17$/bbl at 5.22$/bbl
  • Gasoil SEP 23 down -2.2% at 909.75$/mt
  • WTI-Brent up 0.03$/bbl at -4.21$/bbl
  • US gasoline crack up 0.4$/bbl at 26.25$/bbl
  • US ULSD crack down -2.5$/bbl at 49$/bbl

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