US weekly oil inventories due up next
WTI crude fell as low as $63.68 but has rebounded to $64.51 ahead of US weekly inventory data at the bottom of the hour.
Consensus estimates:
- Crude +2700K
- Gasoline -3500K
- Distillates -5.6%
- Refinery utilization -5.6%
API data late yesterday showed:
- Crude -1000K
- Gasoline -930K
- Distillates +904K
I don't think this report will be a big market mover because we're still trying to sort through the mess from the Texas freeze up.
