- Oil prices retreated Wednesday morning after an industry report showed an increase in U.S. crude inventories
- WTI fell by 1% as the API reported a rise in crude stocks of 2.32 MMBbl, while gasoline and distillate supplies also edged up
- The API report, released on Tuesday afternoon, showed a large draw at Cushing, Oklahoma, at a time when the hub is under a microscope due to low inventories
- Jet fuel has made a big recovery (Bloomberg)
- The refined product suffered the most from the collapse in demand driven by the coronavirus pandemic but has soared in recent months
- Airlines ramp up service as barriers to air travel in Asia start to fall away
- Jet kerosene prices in Singapore – a proxy for jet fuel across the wider region – have surged back toward $100/Bbl. The highest level since late 2018
- EIA crude oil inventory average estimates due at 9:30 AM
- Bloomberg survey
- U.S. crude oil inventories: +1,526
- U.S. gasoline inventories: -2,031
- U.S. distillate inventory: -2,112
- U.S. refinery utilization (change) +0.43%