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Crude Steady but Cracks Softer Ahead of EIA Data Release

OIL

Crude trading just below yesterday’s close levels ahead of the updated EIA data release.

  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30GMT. Crude and Cushing stocks are expected to show a build following on from the big builds in recent weeks. Gasoline inventories are also expected to build and distillates inventories to draw as refinery utilisation continues to recover from severe cold outages in December.
  • Crude time spreads are also holding steady, but crack spreads are slightly weaker ahead of the data.
    • Brent MAR 23 down -0.5% at 85.68$/bbl
    • WTI MAR 23 down -0.4% at 79.79$/bbl
    • WTI-Brent up 0.19$/bbl at -5.9$/bbl
    • Brent MAR 23-APR 23 up 0.04$/bbl at -0.08$/bbl
    • Brent JUN 23-DEC 23 up 0.07$/bbl at 2.86$/bbl
    • US gasoline crack down -1.4$/bbl at 30.52$/bbl
    • US ULSD crack down -2.4$/bbl at 57.96$/bbl
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