It's been a wonderful start to the US for oil bulls with crude adding to the gains today. WTI is up $1.15 to $78.16, touching a fresh high in the past few minutes.
The rally so far today erases the omicron plunge that smashed oil on November 26.
The weekly US oil inventory report is due at the bottom of the hour. It's a tough time of year to track inventories and the API numbers from late yesterday offered some surprises:
- Crude -6432K
- Cushing +2268K
- Gasoline +7061K
- Distillate +4380K
Expectations for today's report, which don't factor in the API data:
- Crude -3283K
- Gasoline +1775K
- Distillate +1525K
