Brent crude oil futures gained 36 cents, or 0.5%, to $75.10 a barrel by 0247 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures increased by 33 cents, or 0.5%, to $72.72 a barrel.
EIA week ending 7/23
Crude oil: -4.1M
Gasoline: -2.3M
Distillates: -3.1M
Refiner utilz: 91.1%
Impld mogas demand: 9.33 Mbpd
Crude oil inventories in the US fell by over 4 million barrels in the week ending 23rd July, which mirrored those of the API on late Tuesday evening. Refined products also saw large stock declines.
Gasoline and distillate fuel oil inventories fell by 2.25MMbbls and 3.09MMbbls respectively. Gasoline imports into the East Coast fell by 419Mbbls/d, whilst demand for products was stronger over the week. Implied gasoline demand edged up by 30Mbbls/d, whilst implied distillate fuel oil demand grew by 431Mbbls/d over the week.
The draw in inventories failed to spark any significant gain in Brent as the expectation was for a draws across the board, which was partly attributable to a slowdown in crude imports, which slid 590,000 b/d to 6.51 million b/d.
Oil prices were also supported by the depreciation of the US dollar, with the ICE dollar index trading at 92.19 at 10.51 am Singapore time, 0.27% lower from the July 27 close.
Over the course of yesterdays trading, the front Barges crack strengthened from -11.35 to -11.00 with the fogos also trading stronger to close at -63.75 on the Singapore and -91.75 on the Euro.
OIL MARKET ROUND-UP:
* Saudis Seen Raising Sept. Arab Light Oil Price by 50C/B to Asia
* U.S. Crude, Gasoline Inventories Fall: EIA Takeaways
* U.S. Naphtha Arrivals in Europe Sees Imports at 9-Month High
* Pemex June Crude Oil Output W/Partners 1.70M B/D Vs. 1.69M M/M
*Rotterdam 3.5% INDIC*
Aug21 400.25 / 402.25
Sep21 394.75 / 396.75
Oct21 389.50 / 391.50
Nov21 385.25 / 387.25
Dec21 381.75 / 383.75
Jan22 379.00 / 381.00
Q4-21 385.50 / 387.50
Q1-22 377.00 / 379.00
Q2-22 370.75 / 372.75
Q3-22 363.25 / 366.25
CAL22 366.25 / 372.25
*Singapore 380 INDIC*
Aug21 411.50 / 413.50
Sep21 408.25 / 410.25
Oct21 403.75 / 405.75
Nov21 400.25 / 402.25
Dec21 397.50 / 399.50
Jan22 395.00 / 397.00
Q4-21 400.50 / 402.50
Q1-22 393.00 / 395.00
Q2-22 387.25 / 389.25
Q3-22 380.75 / 383.75
CAL22 383.00 / 389.00
*Rott VLSFO 0.5% INDIC*
Aug21 512.00 / 517.00
Sep21 509.75 / 514.75
Oct21 507.50 / 512.50
Nov21 505.25 / 510.25
Dec21 503.00 / 508.00
Jan22 500.50 / 505.50
Q4-21 505.25 / 510.25
Q1-22 498.00 / 503.00
Q2-22 490.00 / 496.00
Q3-22 482.00 / 490.00
CAL22 485.75 / 493.75
*Sing VLSFO 0.5% INDIC*
Aug21 531.50 / 536.50
Sep21 529.25 / 534.25
Oct21 526.75 / 531.75
Nov21 524.50 / 529.50
Dec21 522.25 / 527.25
Jan22 520.00 / 525.00
Q4-21 524.50 / 529.50
Q1-22 517.75 / 522.75
Q2-22 510.50 / 516.50
Q3-22 502.75 / 510.75
CAL22 506.25 / 514.25
*Sing 10ppm GO INDIC*
Aug21 80.21 / 80.35
Sep21 80.07 / 80.27
Oct21 79.85 / 80.05
Nov21 79.48 / 79.68
Dec21 79.12 / 79.32
Jan22 78.79 / 78.99
Q4-21 79.45 / 79.75
Q1-22 78.43 / 78.73
Q2-22 77.71 / 78.01
Q3-22 77.26 / 77.56
CAL22 77.43 / 77.83
*ICE Gasoil 10ppm INDIC*
Aug21 604.31 / 608.31
Sep21 603.45 / 607.45
Oct21 599.77 / 603.77
Nov21 596.92 / 600.92
Dec21 595.09 / 599.09
Jan22 593.22 / 597.22
Q4-21 597.25 / 601.25
Q1-22 591.60 / 595.60
Q2-22 584.52 / 588.52
Q3-22 580.60 / 584.60
CAL22 583.38 / 587.38
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