US weekly oil inventory data coming up next

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.

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September 10, 2021 at 02:55AM
Adam Button
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