November final inventories expected to come in at 0.7%
The US wholesale inventories final are expected to come in at 0.7%(unchanged from earlier estimate). The wholesale trade sales for November are expected at 0.6% versus 0.7%.
Later at 10:30 AM ET/1530 GMT the DOE inventory data is expected:
- crude oil inventories -3750K vs -7419K last week
- gasoline inventories +3550K vs. 4813K last week
- distillates inventories +2250K vs 8899K last week
The price of crude oil is trading up $0.38 at $63.34. The cold snap in the US along with a lowering of US supplies, has contributed to the run higher. Crude oil futures trade at the highest levels since late 2014 (see chart below).
