- West Texas Intermediate edged higher Wednesday morning following two consecutive down days
- Prices were buoyed by an industry report pointing to a decline in US fuel and crude stocks
- The American Petroleum Institute (API) reported a 6.23 MMBbl drop in gasoline inventories. That would be the biggest draw in motor fuel stocks since March if confirmed by the government later today (Bloomberg)
- Investors pulled a whopping $128.7 million from one of the world’s largest oil ETF on Monday, July 19 (Bloomberg)
- On fears of the spreading delta variant, the one-day withdrawal marks the biggest such decrease since October for the US Oil Fund, known as USO
- AEGIS notes that oil prices more than recovered last week following the steep Monday sell-off that sent crude down 7.5%
- EIA crude inventory report due at 9:30 CST
- Estimates (Bloomberg survey):
- US oil inventories: -2,407 MMBbl
- US gasoline inventories: -1,110 MMBbl
- US distillate inventories: -715 MBbl
- US refinery utilization change: +0.30%
- Estimates (Bloomberg survey):