EIA supply data due at 10:30 am ET (1430 GMT)
Heads up for oil and commodity FX traders with oil inventory data from the Energy Information Administration due up at the bottom of the hour.
The 'consensus' estimate is -1250K but yesterday's API survey showed a -3700K reading. Generally, the API numbers track the official statistics very closely and market expectations shift dramatically after the release.
I'd expect the market is priced somewhere around -3000K.
WTI crude is up 8 cents to $46.45 today.
On the chart, the consolidation continues.
