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Crude Steady, Cracks Lower after EIA Data

OIL

Crude slightly lower after larger than expected crude draw but in line with API data last night and with demand still struggling

  • Crude draw with high exports and low imports and despite higher production and lower refinery runs. Refinery runs lower due to outages including BP Whiting.
  • Gasoline implied demand recovered slightly but remains below 2020 levels. High export volumes added to the stocks draw. Gasoline cracks are losing grounds in reaction.
  • Diesel spreads also falling on lower demand. Distillate stocks remain well below normal with low refinery output and high exports.
    • Brent NOV 22 down -1.2% at 96.62$/bbl
    • WTI OCT 22 down -1.2% at 90.55$/bbl
    • WTI-Brent up 1.68$/bbl at -6.11$/bbl
    • WTI OCT 22-NOV 22 down -0.06$/bbl at 0.41$/bbl
    • WTI DEC 22-DEC 23 down -0.82$/bbl at 9.13$/bbl
    • US gasoline crack down -0.7$/bbl at 13.9$/bbl
    • US ULSD crack down -1.2$/bbl at 65.45$/bbl
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