Oil inventories to come

A surprise build in oil inventories in yesterday's API report kicked off selling in oil that accelerated as global growth worries. WTI is down $2.12 to $54.99 today, virtually erasing all of yesterday's gain.

The 'consensus' on crude oil inventories is -2500K but the market will be looking for something much lower, if not a build after the API readings, which were:

  • Oil +3700K
  • Gasoline +3750K
  • Distillates -1300K