Storage data from the Energy Information Administration
The weekly US energy inventory data is due at the bottom of the hour. The consensus estimate for oil storage is +3181K but the market will have shifted expectations lower after yesterday's survey from the American Petroleum Institute showed only at 1500K build.
The API numbers boosted oil prices immediately and they have continued to trend higher. WTI is currently up $1.10 to $37.45, wiping out Tuesday's decline.
The other number to watch closely is gasoline. The consensus estimate is -2472K but the API numbers were less bullish at -1200K.
