Huge jump in API inventories rearranges the consensus.
At the beginning of the week, WTI crude rallied on talk of a low supply build. The consensus estimate is 3.28m barrels.
Yesterday, however, API data showed a 12.2 million build and oil is down about $1.30 since then.
I suspect the market is around a 8.3 million barrels rise in inventories.
The low price today was $52.43. Last at $52.60.
Also keep an eye on US crude output numbers. A small decline last week led to a rally on the thinking that US production had crested.
