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Oil Markets Flat After EIA Report Sell Off Wednesday

OIL

Crude remains flat Thursday, selling off yesterday after the EIA report showed a lower-than-expected drop in US crude inventories.

  • Brent crude prices have broken to a higher range through July, after getting stuck in a $72 to $78 range through May and June supported by Saudi cuts and signs of dropping Russian flows.
  • Brent SEP 23 down -0.2% at 79.34$/bbl
  • WTI AUG 23 up 0% at 75.36$/bbl
  • Gasoil AUG 23 down -1% at 768.25$/mt
  • WTI-Brent down -0.01$/bbl at -4.15$/bbl
  • Saudi crude exports are showing signs of slipping. Petro Logistics reports that as of July 16 – crude exports were down by 267kb/d versus June – significant but well behind the magnitude of a production cut of 1mn bpd.
  • Russian seaborne crude flows fell to the lowest level in six months to 3.1mbpd in the latest four-week period ending 16 July, largely driven by lower shipments to Asian customers.
  • Brent SEP 23-OCT 23 down -0.03$/bbl at 0.08$/bbl.
  • Brent DEC 23-DEC 24 down -0.03$/bbl at 3.38$/bbl.
  • Chinese demand weighed on markets earlier in the week due to unconvincing economic data and uncertainty around the effectiveness of potential economic stimulus measures.
  • Russian refining is ticking higher – prompting its oil-product exports to edge higher this month, as near-record diesel and rebounding naphtha shipments are set to offset lower flows of other fuels.
  • US fuel stocks drew or remained stagnant week on week amid stronger demand for gasoline and distillate fuels. Gasoline product supplied, a proxy for demand, rose by about 100,000 bpd while distillate product supplied jumped by about 700,000 barrels per day, the EIA data showed. Despite the rise, the gasoline figure remains seasonally weak for the summer driving season.
  • US cracks responded positively to the overall high demand figures in the EIA report yesterday.
  • US gasoline crack up 0$/bbl at 39.08$/bbl
  • US ULSD crack up 0.1$/bbl at 35.56$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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