API puts upward bias in the data
The consensus call for the EIA weekly oil data is a 1000K increase in US supply. But the API report released late yesterday increased 2600K barrels so the market is probably somewhere around +1800K.
All the freaking out about WWIII yesterday is over as Russia choose to de-escalate rather than bombing a NATO member.
WTI crude is down 0.78 cents to $42.10. It was as low as $41.72 but there has been a bit of a bounce ahead of the data.
Watch gasoline data as well, it was up 1400K in the API report. The forecast is for +950K.
