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US oil inventories up next

API puts upward bias in the data

The consensus call for the EIA weekly oil data is a 1000K increase in US supply. But the API report released late yesterday increased 2600K barrels so the market is probably somewhere around +1800K.

All the freaking out about WWIII yesterday is over as Russia choose to de-escalate rather than bombing a NATO member.

WTI crude is down 0.78 cents to $42.10. It was as low as $41.72 but there has been a bit of a bounce ahead of the data.

Watch gasoline data as well, it was up 1400K in the API report. The forecast is for +950K.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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