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OIL: Crude Drifts Lower After EIA Shows Crude Build

OIL
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Crude markets have reverse some of the earlier gains after an unexpected build in US crude stocks according to the update EIA weekly petroleum data. Diesel and gasoline cracks spreads are both holding small earlier gains despite both markets showing a drop in implied demand this week.

  • US crude inventories unexpectedly rose driven by a much larger than expected decline in refinery runs and supported by an increase in production to 13.3mb/d and higher imports. Cushing showed a small increase again this week, but stocks remain near the previous five year range lows. Refinery ulitsation fell more than expected down to 87.6% of capacity and below 90% in all PADD regions amid maintenance.
  • Gasoline stocks built with a drop in implied demand offsetting a decline in production and an increase in net exports. Four week implied gasoline demand continues to follow the seasonal trend lower to remain just below the previous five year average.
  • Distillates inventories fell amid a drop in production and despite lower implied demand and higher exports. PADD 4 inventories are the lowest in nearly two years. Four week average implied distillate demand fell back below the previous five year seasonal average.
    • Brent DEC 24 up 2% at 75.04$/bbl
    • WTI NOV 24 up 2.2% at 71.36$/bbl
    • Brent DEC 24-JAN 25 up 0.06$/bbl at 0.41$/bbl
    • Brent DEC 24-DEC 25 up 0.52$/bbl at 2.11$/bbl
    • US 321 crack up 0.3$/bbl at 15.89$/bbl
    • US ULSD crack up 0.6$/bbl at 22.11$/bbl
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Crude markets have reverse some of the earlier gains after an unexpected build in US crude stocks according to the update EIA weekly petroleum data. Diesel and gasoline cracks spreads are both holding small earlier gains despite both markets showing a drop in implied demand this week.

  • US crude inventories unexpectedly rose driven by a much larger than expected decline in refinery runs and supported by an increase in production to 13.3mb/d and higher imports. Cushing showed a small increase again this week, but stocks remain near the previous five year range lows. Refinery ulitsation fell more than expected down to 87.6% of capacity and below 90% in all PADD regions amid maintenance.
  • Gasoline stocks built with a drop in implied demand offsetting a decline in production and an increase in net exports. Four week implied gasoline demand continues to follow the seasonal trend lower to remain just below the previous five year average.
  • Distillates inventories fell amid a drop in production and despite lower implied demand and higher exports. PADD 4 inventories are the lowest in nearly two years. Four week average implied distillate demand fell back below the previous five year seasonal average.
    • Brent DEC 24 up 2% at 75.04$/bbl
    • WTI NOV 24 up 2.2% at 71.36$/bbl
    • Brent DEC 24-JAN 25 up 0.06$/bbl at 0.41$/bbl
    • Brent DEC 24-DEC 25 up 0.52$/bbl at 2.11$/bbl
    • US 321 crack up 0.3$/bbl at 15.89$/bbl
    • US ULSD crack up 0.6$/bbl at 22.11$/bbl