Weekly US oil inventory is due at the bottom of the hour and the consensus is:
- Prior crude +5851K
- Gasoline -261K vs -1260K expected
- Distillates +296K vs -473K expected
- Refinery utilization +0.9% vs +0.4% expected
- Production estimate 12.7 mbpd vs 12.6 mbpd prior
- Impld mogas demand: 8.85 mbpd vs 9.30 mbpd prior
The API data late yesterday showed:
- Crude -6195K
- Gasoline +700K
- Distillates -800K
US crude oil inventories are at the lowest since January but the US output estimate is at the highest in three years. WTI is down about 20 cents since the release.