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Today US Energy Information Administration (EIA) will release data on inventory at 14:30 GMT.
- Last week according to EIA, there was inventory drawdown of -2.67 million barrels, today it is expected that another drawdown of -1.8 million barrels.
- Crude is unlikely to make much if inventory falls, however a rise in inventory might push prices lower.
- Inventory report from American Petroleum Institute (API) showed drawdown of -3.2 million barrels. Forecast was drawdown of -2.3 million barrels. Previous drawdown was -2.9 million barrels. According to API data inventory dropped in last 5 out of eight weeks.
Brent crude is currently trading at $64.3/barrel, down -0.26% today. WTI crude is currently trading at $60.9/barrel, down -0.20% today so far.
This is the eighth week running, WTI remains trapped between $62.4 and $56.7 when considering highs and lows.
It is advised to go long or short on crude depending on technical breakout. Fundamentally the market still remains oversupplied.
