Crude Unchanged After Build in US Crude and Product Stocks

Crude remains relatively unchanged after EIA data shows a larger than expected crude build although less than API data showed yesterday.

• Refinery utilisation unexpectedly declined as outages remain high. East Coast utilisation drop from 97.1% to 91% possible due to a three day outage at Phillips 66 Bayway refinery.
• An increase in imports and steady exports, despite a decline this week, combined with unchanged crude production to support the crude build.
• Gasoline and distillate stocks built despite the drop in refinery runs due to continued high imports and low demand. Four week average implied demand did increase this week but remains at the lower end of the five year range.
• Despite the gasoline stock increase supplies in the New York Harbour area remain tight after another decline this week due to lower supplies from Europe.
  • Brent APR 23 down -0.9% at 84.69$/bbl
  • WTI MAR 23 down -0.6% at 78.38$/bbl
  • Brent APR 23-MAY 23 down -0.08$/bbl at 0.21$/bbl
  • Brent JUN 23-DEC 23 down -0.16$/bbl at 2.8$/bbl
  • US gasoline crack down -1.4$/bbl at 27.38$/bbl
  • US ULSD crack down -4.3$/bbl at 48.37$/bbl