- WTI is down 2c to $47.60/Bbl, and Brent is down 0c to $50.76/Bbl
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Strong Chinese and Indian oil demand pushes spot prices higher
- Chinese daily refining rates rose to a record for the second consecutive month, while several Indian refiners are running at near 100% capacity, according to Bloomberg
- AEGIS notes spot prices have risen significantly over the last month as Asian demand has supported price, while demand stagnates in other countries around the world (U.S., Europe)
- Diesel demand has returned to pre-virus levels lifted by an e-commerce driven increase in trucking, even as gasoline demand stagnates
- The rebound in diesel demand has led to larger margins on U.S. light sweet crude, pushing WTI and LLS refining margins to multi-month highs
- Refinery run rates in the U.S. Gulf Coast are at their highest since August
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 1,088 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 1,822 MBbls
- U.S. Distillate Inventories: + 1,207 MBbls
- U.S. Refinery Utilization: + 0.47% change