Oil Steady and Gasoline Edges Higher After EIA Stocks Data

Crude holding onto earlier gains after EIA inventory data showed a small crude build compared to expectation of a small draw but in line with API data from yesterday. Gasoline cracks are regaining some earlier losses but diesel cracks remain weak.

• Crude stock built with another fall in refinery utilisation and with lower imports and despite a significant drop in exports, down by 2.5mbbls. Cushing stocks showed another draw and the overall crude build was offset by a draw in SPR stocks again.
• Gasoline four week average implied demand rose again to the highest levels since December 2021 and up 5.5% from this time last year and despite a drop on the week. Gasoline stocks drew with a fall in production from lower refinery runs and despite a small decline in exports and higher imports.
• Distillates stocks also drew with the four week average implied demand relatively unchanged from last week. An increase in imports and steady exports were offset by a fall in production.
  • Brent JUN 23 up 1.5% at 86.86$/bbl
  • WTI MAY 23 up 1.3% at 82.63$/bbl
  • WTI-Brent down -0.17$/bbl at -4.32$/bbl
  • WTI MAY 23-JUN 23 up 0.05$/bbl at 0.09$/bbl
  • WTI JUN 23-DEC 23 up 0.18$/bbl at 3.94$/bbl
  • WTI DEC 23-DEC 24 up 0.16$/bbl at 6.24$/bbl
  • US gasoline crack down -1.4$/bbl at 37.46$/bbl
  • US ULSD crack down -0.4$/bbl at 30.31$/bbl