September 07, 2023 15:16 GMT
Crude Steady After Another US Inventory Draw
OIL
Crude markets remain relatively unchanged after a slightly larger than expected US inventory draw. Diesel cracks are slightly softer after a stock build but gasoline cracks are edging higher after an expected draw.
- Crude and Cushing stocks continued the declining trend seen in recent weeks with the draw driven by high exports back above 4.9mbpd and despite a small rise in imports. Crude production remained unchanged at the high of the year.
- Gasoline stocks drew and distillates showed a small build as largely expected, with a small drop in refinery utilisation contributing to lower gasoline production. Gasoline imports and exports both rose while implied demand showed another small increase. Four week implied demand however remains near the lower end of the five year range.
- Distillate showed a small build driven by lower exports while four week implied demand also showed a small increase on the week.
- Brent NOV 23 down -0.3% at 90.35$/bbl
- WTI OCT 23 down -0.3% at 87.3$/bbl
- WTI-Brent up 0.01$/bbl at -3.8$/bbl
- WTI OCT 23-NOV 23 unchanged at 0.75$/bbl
- WTI DEC 23-DEC 24 down -0.19$/bbl at 7.67$/bbl
- US gasoline crack up 0.8$/bbl at 23.62$/bbl
- US ULSD crack down -1.1$/bbl at 45.53$/bbl
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