WTI crude flat in choppy trade
The consensus estimate for the EIA data due out at the bottom of the hour is listed at +444K but market expectations are much higher after the API reported a 7600K barrel increase in its latest report. The headlines from that report sent crude lower by as much as $1.20 to $43.87 but those losses (and more) were recovered in early US trading, rising to as high as $46.35.
WTI is trading at $45.35 now. That's flat on the session and almost exactly where crude prices were ahead of the API data.
In terms of expectations, I suspect the market is now looking for something in the neighbourhood of a 4500K barrel increase in weekly inventories.
Either way, the release of the report is likely to kick-start the market once again. The session highs and lows are the important resistance/support levels to watch but I'd expect crude to be more vulnerable to the downside.
