Oil higher ahead of US supply data
US oil is near the best levels of the day as we count down to weekly inventory numbers. Late yesterday, API reported a surprise build in crude but tighter gasoline, perhaps due to the Hurricane Florence.
Here's what's expected:
Crude -2500K
Gasoline +100K
Distillates +1500K
Production should remain close to 11 million barrels per day
Here's what the API reported late yesterday:
- Crude +1250K
- Gasoline +1485K
- Distillates +1536K
WTI is trading at $70.50, up 67 cents with all of that gain coming in the past hour.
