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Free AccessOil Markets Fall Further on Weak EIA Oil Product Demand
Crude markets fall further despite a small US crude inventory draw as oil product implied demand falls on the week. Gasoline crack spreads are following the move lower but diesel cracks remain largely unchanged.
- Crude inventories showed a small draw largely in line with expectations to the lowest since 3 Feb with exports holding well above average and despite an unexpected decline in refinery utilistaion. The beginning of the Beaumont expansion added 250kbpd of refining capacity to the US system.
- Cushing stocks showed a small build but remain near the lower end of the five year range. The WTI-Brent spread remains largely unchanged on the day.
- Gasoline implied demand declined to reverse the gains seen last week while distillates demand also fell on the week. The gasoline and diesel stocks both declined as expected driven by the lower refinery output.
- Brent JUL 23 down -4% at 72.29$/bbl
- WTI JUN 23 down -4.2% at 68.63$/bbl
- WTI-Brent up 0.09$/bbl at -3.72$/bbl
- WTI JUN 23-JUL 23 down -0.04$/bbl at 0.07$/bbl
- WTI DEC 23-DEC 24 down -0.65$/bbl at 2.23$/bbl
- US gasoline crack down -0.9$/bbl at 29.73$/bbl
- US ULSD crack up 0$/bbl at 24.77$/bbl
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.