Weekly EIA inventories crude oil +1609K versus -933K expected | Forexlive

Expectations:

• Crude +1609K vs -933K exp
• Gasoline +1764K vs +229K exp
• Distillates +5127K vs -394K exp

The huge build in distillates is a big surprise and it’s certainly welcome given critically-low diesel inventories.

Late yesterday, the API reported:

• Crude -817K
• Gasoline -898K
• Distillates +2806K

These numbers are bearish oil, which was already selling off into the data. If OPEC hasn’t already made up its mind, this should be a warning to them that the crude market isn’t particularly tight.

Expect a big move tomorrow when the OPEC news is announced.