Oil Markets Flat After Post-EIA Sell Off

Oil markets are flat early in today’s session having sold off after the EIA report yesterday which showed a strong crude drop but was driven primarily by weakness in US diesel.

• Brent MAY 23 down -0.1% at 78.23$/bbl
• WTI MAY 23 up 0.2% at 73.09$/bbl
• Gasoil APR 23 down -0.9% at 756$/mt
• WTI-Brent up 0.1$/bbl at -5.22$/bbl
• Oil prices surged early this week after exports of around 450,000 bpd from Iraq's semi-autonomous northern Kurdistan region were halted, following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. The situation is ongoing leading to Kurdish production cuts and stoking fears of longer-term outages.
• Brent MAY 23-JUN 23 down -0.05$/bbl at 0.64$/bbl
• Brent JUN 23-DEC 23 down -0.05$/bbl at 1.64$/bbl
• Brent DEC 23-DEC 24 down -0.02$/bbl at 3$/bbl
• The market awaits any further signs off a fallout from the banking crisis to indicate recessionary pressures but downward sentiment in that regard has eased versus last week.
• US product cracks have sold off on signs of weak demand and as rising refinery runs signal higher product availability. US gasoline is finding some upside support from export demand towards Europe because of French strikes.
• US gasoline crack down 0$/bbl at 37.6$/bbl
• US ULSD crack up 0.2$/bbl at 34.71$/bbl