Natural gas inventories surprisingly rose
US natural gas inventories rose by 52 bcf compared to 40 bcf expected a short time ago. Next up is the US EIA oil inventory data, which is delayed from its usual Wednesday release because of Labor Day.
Here's the consensus:
- Oil -4612K
- Gasoline -3390K
- Distillates -2617K
- Refinery utilization -4.9%
This is a tough one to forecast and trade because of the ongoing effects of Hurricane Ida.
The API data from late yesterday showed:
- Crude -2882K
- Cushing +1794K
- Gasoline -6414K
- Distillates -3748K
An additional spot to watch this week is implied demand, which hit a record recently.
A good forecaster is HFI Research and they say crude should be 890K more barrel, so around -2000K.
The data is due up at the top of the hour.