Oil is showing some impressive resilience ahead of the weekly inventory report

EIA data is coming up at the bottom of the hour

I expected to see more of a retracement in oil after yesterday's turnaround but today's price action in the face of a dollar rally has been encouraging for the bulls.

WTI is trading back above $75 and down only fractionally on the day after falling as low as $73.74. We're at the session highs.

The next big hurdle is the EIA data at the bottom of the hour. Yesterday's API data sent a bearish shudder through the market and there's a high risk the EIA data could as well, though some of that will now be priced in.

Consensus:

• Oil -1652K
• Gasoline +1400K
• Distillates -1648K
• Refinery utilization +0.5%

API:

• Oil 4127K
• Gasoline +3555K
• Distillates +2483K
• Cushing +359K
  

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September 30, 2021 at 02:11AM
Adam Button
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