Oil End of Day Summary: Crude Falls Despite Large Crude Stock Draw

Crude markets have fallen further today after the EIA data despite the record decline in US crude inventories amid weak demand data. Gasoline and diesel crack spreads also dipped lower with a drop in gasoline demand and unchanged diesel demand.

• Brent OCT 23 down -2.1% at 83.14$/bbl
• WTI SEP 23 down -2.4% at 79.45$/bbl
• EIA Crude oil inventories fell 17.05mn barrels in the week ending 28 Jul. Crude stocks drew with a rise in crude exports back above 5mbpd and big correction in the oil adjustment (unaccounted oil) figure and despite a bigger than expected drop in refinery utilisation and increased imports.
• Crude inventories in ARA region fell 1m bbl in week ended July 28 to 59.6m bbl, Genscape data show.
• The DOE is again delaying replenishing US SPR amid higher crude prices. The DOE plans to purchase 12mn bbls for SPR this year.
• The OPEC JMMC is not expected to make any recommendations to tweak overall policy on 4 August according to Amena Bakr.
• Oil exports from Russia’s Baltic ports are set to decline to 1.6mn tons for 1-10 August, down from 1.8mn tons MoM.
• Russia’s most watched oil indicators – seaborne exports and domestic crude processing – are showing signs that Russia is in compliance with its pledged output cut of 500kbpd.
• July crude shipments from Saudi Arabia fell to a 22-month low following the implementation of its voluntary 1mb/d production cut.
• Iran’s crude and condensate exports stood at 1.14mbpd in July, down from a revised 1.33mbpd in June.
• Venezuelan oil exports climbed to their highest level over three years amid new supply contracts and increased shipments from Chevron.
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