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OIL: Crude Holds Steady After EIA Shows US Inventory Draw

OIL
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Crude markets remain relatively unchanged after a slightly larger than expected draw in US crude stocks according to the update EIA weekly petroleum data. Gasoline cracks are seeing some support with demand holding near normal while diesel cracks are unchanged in reaction to the data.

  • US crude inventories fell more than expected with a drop in production back to the lowest since June at 13.2mbpd and with a rise in net exports despite a drop in refinery runs on the week. Refinery ulitsation fell driven by outages on the Gulf Coast due to the hurricane but the decline was less than expected to keep the US total up at 92.1%. Cushing also continued to fall to remain at the lowest since November. The adjustment factor jumped last week after seeing more stability since methodology changed earlier this year.
  • Gasoline and distillates stocks showed small builds and less than expected with an increase in gasoline production offsetting a recovery in weekly implied demand. Gasoline imports and exports also both declined on the week. Gasoline stocks in PADD 1 fell possibly due to lower supplies from the Gulf Coast amid the recent storm. Four week implied gasoline demand followed the seasonal end of summer trend lower.
  • A drop in distillates production and higher weekly demand was offset by a drop in exports. Four week average implied distillate demand edged back above the previous five year average with gains faster than the seasonal normal trend.
    • Brent NOV 24 down 0.4% at 73.4$/bbl
    • WTI OCT 24 down 0.3% at 71.01$/bbl
    • Brent NOV 24-DEC 24 up 0.08$/bbl at 0.77$/bbl
    • Brent DEC 24-DEC 25 up 0.01$/bbl at 1.77$/bbl
    • US gasoline crack up 0.4$/bbl at 12.95$/bbl
    • US ULSD crack up 0$/bbl at 18.94$/bbl
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Crude markets remain relatively unchanged after a slightly larger than expected draw in US crude stocks according to the update EIA weekly petroleum data. Gasoline cracks are seeing some support with demand holding near normal while diesel cracks are unchanged in reaction to the data.

  • US crude inventories fell more than expected with a drop in production back to the lowest since June at 13.2mbpd and with a rise in net exports despite a drop in refinery runs on the week. Refinery ulitsation fell driven by outages on the Gulf Coast due to the hurricane but the decline was less than expected to keep the US total up at 92.1%. Cushing also continued to fall to remain at the lowest since November. The adjustment factor jumped last week after seeing more stability since methodology changed earlier this year.
  • Gasoline and distillates stocks showed small builds and less than expected with an increase in gasoline production offsetting a recovery in weekly implied demand. Gasoline imports and exports also both declined on the week. Gasoline stocks in PADD 1 fell possibly due to lower supplies from the Gulf Coast amid the recent storm. Four week implied gasoline demand followed the seasonal end of summer trend lower.
  • A drop in distillates production and higher weekly demand was offset by a drop in exports. Four week average implied distillate demand edged back above the previous five year average with gains faster than the seasonal normal trend.
    • Brent NOV 24 down 0.4% at 73.4$/bbl
    • WTI OCT 24 down 0.3% at 71.01$/bbl
    • Brent NOV 24-DEC 24 up 0.08$/bbl at 0.77$/bbl
    • Brent DEC 24-DEC 25 up 0.01$/bbl at 1.77$/bbl
    • US gasoline crack up 0.4$/bbl at 12.95$/bbl
    • US ULSD crack up 0$/bbl at 18.94$/bbl