02 May 2018 at 11:59 GMT
Crude oil is trading steady with WTI currently being stuck in a $66.60 to $70/b range. The Natanyahu surge on Monday proved temporary as the market concluded that he did not provide any information that wasn’t already known and which provided the basis for the 2015 nuclear deal. Instead the presentation was seen as a counter to European leaders who led by France's Emmanuel Macron and Germany's Angela Merkel have stepped up their attempts to persuade Trump to agree to an amendment instead of abandoning the nuclear deal on May 12. His decision remains a major binary event but today the focus has – at least temporary – moved back to hard data with the weekly EIA Petroleum Status Report due at 14:30 GMT.
Last night the API reported a bigger-than-expected crude build which was off-set by another slump in distillates.
As usual the report comprises multiple components with production, export/imports as well as Cushing stocks being potential market movers.