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Oil Trades Up on US Stock Draws

OIL

Crude and cracks higher after larger than expected inventory draws. WTI-Brent spread widens further.

  • Crude draw on record exports and low imports despite increase in production.
  • Distillate and gasoline stocks fall further below normal. Exports dip but remain high.
  • Gasoline and distillate implied demand recovers after recent fall.
  • Brent SEP 22 up 1% at 105.45$/bbl
  • WTI SEP 22 up 1% at 95.91$/bbl
  • WTI-Brent down -0.38$/bbl at -9.53$/bbl
  • US gasoline crack up 0.7$/bbl at 35.53$/bbl
  • US ULSD crack up 2.6$/bbl at 55.05$/bbl

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