WTI down 49-cents to $71.61 today
Given the poor risk backdrop and strong momentum lower in crude, I might have expected a test of $70 today but crude is only down 0.7% and trading at $71.67.
Part of that is due to tightening global inventories, particularly in the US where driving is back to pre-covid levels.
We will get more evidence of that in today's weekly inventory report, which is due at the top of the hour.
In yesterday's API data:
- Crude -7986K
- Gasoline -2736K
- Distillates +1086K
- Cushing +152K
The consensus on the oil draw is -4033K. Gasoline is expected to draw 2176K and distillates are forecast at +171K.
