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Crude Stronger Ahead of EIA US Stocks Data

OIL

Crude has gained ground ahead of the release of the updated EIA US inventory data.

  • US refinery utilization is expected to recover back up 4% for the week ending 6th January after falling 12.4% last week due to the severe weather disruption on the Gulf Coast late in December. Crude inventories are expected to draw by -0.72mbbls according to a Bloomberg survey compared to a build in API stocks last night of +14.9mbbls.
  • Crude time spreads are following the move higher with support from future Chinese demand optimism and possible further Russian oil supply disruption.
  • A slight pull back in the US dollar in the last few hours is also supportive.
    • Brent MAR 23 up 1.5% at 81.31$/bbl
    • WTI FEB 23 up 1.4% at 76.17$/bbl
    • WTI-Brent down -0.26$/bbl at -4.91$/bbl
    • Brent MAR 23-APR 23 up 0.02$/bbl at -0.16$/bbl
    • Brent JUN 23-DEC 23 up 0.41$/bbl at 2.24$/bbl
    • WTI FEB 23-MAR 23 down -0.01$/bbl at -0.26$/bbl
    • WTI JUN 23-DEC 23 up 0.38$/bbl at 1.93$/bbl
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Crude has gained ground ahead of the release of the updated EIA US inventory data.

  • US refinery utilization is expected to recover back up 4% for the week ending 6th January after falling 12.4% last week due to the severe weather disruption on the Gulf Coast late in December. Crude inventories are expected to draw by -0.72mbbls according to a Bloomberg survey compared to a build in API stocks last night of +14.9mbbls.
  • Crude time spreads are following the move higher with support from future Chinese demand optimism and possible further Russian oil supply disruption.
  • A slight pull back in the US dollar in the last few hours is also supportive.
    • Brent MAR 23 up 1.5% at 81.31$/bbl
    • WTI FEB 23 up 1.4% at 76.17$/bbl
    • WTI-Brent down -0.26$/bbl at -4.91$/bbl
    • Brent MAR 23-APR 23 up 0.02$/bbl at -0.16$/bbl
    • Brent JUN 23-DEC 23 up 0.41$/bbl at 2.24$/bbl
    • WTI FEB 23-MAR 23 down -0.01$/bbl at -0.26$/bbl
    • WTI JUN 23-DEC 23 up 0.38$/bbl at 1.93$/bbl