Private data shows a surprise build
The consensus in tomorrow's EIA report is for a draw of 1.0m barrels but the private data released just now shows a surprise build and a large build in gasoline inventories.
It's amazing to me just how much bearish news the oil market has swallowed in the past month. Libya pumping, OPEC+ adding unexpected supply, multiple storage builds, more covid. It's relentless but oil is holding up.
WTI fell about 20 cents on this but has steadied at $45.50, halving the decline.
