The forecast for the weekly oil stats may give oil traders a clue as to the short term direction for daily oil prices. According to analysts crude oil stocks are expected to fall in tomorrow’s data by 1.6m barrels, gasoline stocks are also seen as falling by 1.1m barrels, while stocks of distillates which include heating oil and diesel are expected to rise by 200k barrels. Refining capacity is put at 84.2% – a 0.2% rise. If these numbers do come in broadly in line I believe the oil market will take the headline crude number which would oil prices a boost. The API number due out later today may offer some guidance in advance of tomorrow’s data.
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