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Unexpected US Stock Draw Spikes Crude

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Crude prices have jumped following an unexpected draw in US crude stocks last week.

  • Crude stocks fell by 3.4m bbl in the week to July 7, compared to a Bloomberg estimate for a build of 0.7m bbl.
  • Distillate cracks have fallen to new intraday lows after a large build of 4.9m bbl last week. Bloomberg estimates forecast a build of just 154k bbl.
  • Gasoline cracks remain trading lower, although have slightly moderated their losses after a larger than expected draw of 2m bbl during the previous week.
  • Brent SEP 24 up 0.2% at 84.87$/bbl
  • WTI AUG 24 up 0.6% at 81.87$/bbl
  • US gasoline crack down 0.6$/bbl at 24.01$/bbl
  • US ULSD crack down 0.7$/bbl at 23.81$/bbl
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Crude prices have jumped following an unexpected draw in US crude stocks last week.

  • Crude stocks fell by 3.4m bbl in the week to July 7, compared to a Bloomberg estimate for a build of 0.7m bbl.
  • Distillate cracks have fallen to new intraday lows after a large build of 4.9m bbl last week. Bloomberg estimates forecast a build of just 154k bbl.
  • Gasoline cracks remain trading lower, although have slightly moderated their losses after a larger than expected draw of 2m bbl during the previous week.
  • Brent SEP 24 up 0.2% at 84.87$/bbl
  • WTI AUG 24 up 0.6% at 81.87$/bbl
  • US gasoline crack down 0.6$/bbl at 24.01$/bbl
  • US ULSD crack down 0.7$/bbl at 23.81$/bbl