US Daily Oil Summary: Crude Sees Unexpected Build

Crude inventories showed an unexpected build, with production rising to a new record of 13.3mb/d. Higher imports offset a slight recovery in exports and a larger than expected increase in refinery runs.

• Cushing inventories rose to the highest level since August.
• EIA Weekly US Petroleum Summary - w/w change week ending Dec 15: Gasoline stocks +2,710 vs Exp +877, Implied mogas demand -105, Distillate stocks +1,485 vs Exp +397, Implied dist demand +53
• USGC refiners have cut gasoline export prices to their lowest since Feb. 2021 amid shipping restrictions at the Panama Canal, according to Reuters. Offers have dropped as low as $75/b, sources told Reuters.
• US gasoline pump prices saw their biggest daily jump in over four months, echoing the gains in the wider crude complex, as the market prepares for a demand jump over Christmas and New Year, Bloomberg reported.
• The US will tighten enforcement of the price cap on Russian oil exports, a senior US Treasury Official said Dec. 20, cited by Bloomberg.
• USD: The Bloomberg dollar spot index was up 0.07% on the day at 1223.94.
• Conf Board consumer confidence beat expectations in Dec, at 110.7 (cons 104.5) after 101.0, its highest since July on similar relative trends in both the present situation and expectations components.
• U.S. sales of existing homes grew 0.8% to a seasonally adjusted annual rate of 3.82 million in November as mortgage rates plunged, the National Association of Realtors said Wednesday, above market expectations and ending a five-month sales drop. Sales are still down 7.3% from one year ago.