- WTI is up 93c to $38.59/Bbl, and Brent is up $1.02 to $40.73/Bbl
- Oil prices are trading 2% higher this morning as uncertainty remains over the U.S. election results; EIA data is due at 9:30am
- Close contests in five key battleground states could delay the declaration of a winner by several days
- The American Petroleum Institute reported a massive draw of 8.01 MMBbls on Tuesday evening. The EIA is expected to report a small build
- President Trump falsely claimed victory after the initial results were tallied and even threatened Supreme Court intervention
- Several battleground states have ballots yet to be tallied but show Trump with a narrow lead. To pull off the upset, Trump will likely need to pull in two of the three "blue wall" states
- Michigan — Trump holds a narrow lead; still, several democratic leaning counties have yet to be counted. As results come in throughout the day, we will have more color here
- Pennsylvania — The incumbent has a nearly 700,000 vote lead. An expected 1.4 million absentee ballots have not been counted, and may take several days to get the results
- Wisconsin — Initial results point to a Biden win
- Several battleground states have ballots yet to be tallied but show Trump with a narrow lead. To pull off the upset, Trump will likely need to pull in two of the three "blue wall" states
- EIA weekly data is due at 9:30 am CST
- S. Crude Inventories: +581 MBbls (Avg. Bloomberg surveys)
- S. Gasoline Inventories: — 404 MBbls
- S. Distillate Inventories: — 2,789 MBbls
- S. Refinery Utilization: — 0.43% change