January 11, 2023 15:09 GMT
Crude Stronger Ahead of EIA US Stocks Data
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