Weekly US energy inventory data is coming up next
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