There is no expectations for oil inventories from the American Petroleum Institute but they do a very good job of tracking the official EIA numbers. The consensus for Thursday’s EIA crude build is 2.67m barrels, so there’s some significant upside risk there, which is bearish for crude.
API gasoline inventories also rose 2.1m barrels compared to 1.35m expected in tomorrow’s EIA report.
It’s all bad news for crude oil.
