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OIL: Crude Ticks Down After EIA Shows Unexpected US Crude Build

OIL
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Crude markets are ticking slightly lower after an unexpected build in US crude inventories according to the latest EIA weekly petroleum data.  Diesel cracks have edged lower with a fresh dip in implied demand, but gasoline cracks are holding onto small earlier gains.

  • Crude stocks showed a small build counter to expectation of a draw primarily from the Gulf Coast and West Coast with an increase in both imports and exports. Refinery runs increased again with utilisation up over 95% and the highest since June 2023 with crude runs the highest since Dec 2019. Midwest refineries are now operating at 99.9% capacity. Production was again unchanged on the week while the data showed another significant adjustment figure.
  • Gasoline inventories build as expected with a drop in production and imports offset by lower weekly implied demand.  Imports fell by the most in more than a year. The four week average implied demand however edged higher to continue the recovery since the mid April low.
  • Distillates stocks also built with a decline in implied demand set against a rise in exports on the week. Four week implied demand continues to disappoint with a pull back after gains seen in previous weeks.
    • Brent AUG 24 up 0.2% at 77.65$/bbl
    • WTI JUL 24 up 0.1% at 73.35$/bbl
    • WTI-Brent down 0.07$/bbl at -4.51$/bbl
    • Brent AUG 24-SEP 24 up 0.04$/bbl at 0.29$/bbl
    • Brent DEC 24-DEC 25 up 0.05$/bbl at 3$/bbl
    • US gasoline crack up 0.1$/bbl at 25.05$/bbl
    • US ULSD crack down 0.1$/bbl at 22.87$/bbl
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Crude markets are ticking slightly lower after an unexpected build in US crude inventories according to the latest EIA weekly petroleum data.  Diesel cracks have edged lower with a fresh dip in implied demand, but gasoline cracks are holding onto small earlier gains.

  • Crude stocks showed a small build counter to expectation of a draw primarily from the Gulf Coast and West Coast with an increase in both imports and exports. Refinery runs increased again with utilisation up over 95% and the highest since June 2023 with crude runs the highest since Dec 2019. Midwest refineries are now operating at 99.9% capacity. Production was again unchanged on the week while the data showed another significant adjustment figure.
  • Gasoline inventories build as expected with a drop in production and imports offset by lower weekly implied demand.  Imports fell by the most in more than a year. The four week average implied demand however edged higher to continue the recovery since the mid April low.
  • Distillates stocks also built with a decline in implied demand set against a rise in exports on the week. Four week implied demand continues to disappoint with a pull back after gains seen in previous weeks.
    • Brent AUG 24 up 0.2% at 77.65$/bbl
    • WTI JUL 24 up 0.1% at 73.35$/bbl
    • WTI-Brent down 0.07$/bbl at -4.51$/bbl
    • Brent AUG 24-SEP 24 up 0.04$/bbl at 0.29$/bbl
    • Brent DEC 24-DEC 25 up 0.05$/bbl at 3$/bbl
    • US gasoline crack up 0.1$/bbl at 25.05$/bbl
    • US ULSD crack down 0.1$/bbl at 22.87$/bbl