07 February 2018 at 11:45 GMT
Crude Oil has given back some of yesterday's late gains as we await the "Weekly Petroleum Status Report" from the EIA at 1530 GMT. Bouncing stocks and a surprise weekly inventory drop reported by the API supported the late sprint following a day mostly spent on the defensive. Not least after the EIA in their monthly Short Term Energy Outlook once again raised non-Opec production while keeping global demand steady. They now see US production already exceeding 11 million b/d this November, one year earlier than previously expected.
The short term outlook remains challenged by a seasonal slowdown in demand due to refinery maintenance in Europe, Asia and now also the US. Funds holding a record long have been net-sellers this week with the risk of more to come as the price moves further away from the recent peak
Table covering API results and EIA survey attached.