AMERICAS OIL: WTI Ticks Up Despite US Crude Build
Feb-20 17:20
WTI has ticked up following EIA data showing a slightly above expectation US crude build of 4.6m bbl, the largest jump since May. The rise despite a stock build is likely the result of stronger draws in gasoline and distillate stocks, which is supportive for produce demand.
- Brent APR 25 up 1.1% at 76.85$/bbl
- WTI MAR 25 up 1% at 73$/bbl
- Cushing inventories were up 1.5m bbl, the largest increase since May.
- The US diesel crack is holding most of its previous gains on the day amid a near expectation draw. Production was up on the week by 180k b/d, with Bloomberg noting that refiners are likely switching to maximise diesel given recent cold snaps.
- US gasoline crack down 0.6$/bbl at 14.78$/bbl
- US ULSD crack up 0.7$/bbl at 32.1$/bbl
- Gasoline cracks surged to near rangebound after the data release, but have sinced returned to pre-release levels.
- Gasoline stocks declined by below expectations, falling 151k bbl compared to estimates of 1m bbl. Gasoline inventories are now at their lowest level in over a month. Production was also down 156k b/d last week.
- Distillate stocks fell by 2.1m bbl, slightly above the 1.5m bbl estimated fall. Distillate stocks are now at their lowest level since late December.
- Refinery rates are at 85%, with forecasts of a spring refinery maintenance season yet to materialise in the data. Rates are around 4 percentage points above the same period in 2024. However, Refinery utilization in the Midwest also fell to the lowest in two months
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US 10YR FUTURE TECHS: (H5) Gains Considered Corrective
Jan-21 17:06
- RES 4: 110-25 High Dec 12
- RES 3: 109-31 High Dec 18
- RES 2: 109-17+ 50-day EMA
- RES 1: 109-04/109-06 High Jan 21 / High Dec 31
- PRICE: 108-23+ @ 17:05 GMT Jan 21
- SUP 1: 108-00/107-06 Low Jan 16 / 13 and the bear trigger
- SUP 2: 107-04 Low Apr 25 ‘24 and a key support
- SUP 3: 107-00 Round number support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
The medium-term trend condition in Treasury futures remains bearish and the recovery that started Jan 13, is considered corrective. The contract has traded through the 20-day EMA, at 108-17. This exposes 109-06, the Dec 31 high, and 109-17+, the 50-day EMA. A clear break of the 50-day average is required to strengthen a bullish theme. The bear trigger has been defined at 107-06, the Jan 13 low.
FED: US TSY TO SELL $95.000 BLN 4W BILL JAN 23, SETTLE JAN 28
Jan-21 17:05
- US TSY TO SELL $95.000 BLN 4W BILL JAN 23, SETTLE JAN 28
FED: US TSY TO SELL $90.000 BLN 8W BILL JAN 23, SETTLE JAN 28
Jan-21 17:05
- US TSY TO SELL $90.000 BLN 8W BILL JAN 23, SETTLE JAN 28
