31 August 2016 at 13:14 GMT
WTI crude oil is holding above support at $45.75 ahead of the Weekly Petroleum Status Report from the EIA. The record increase in net-long positions during the past couple of weeks are posing a challenge. Not least considering the fading expectations of Opec being able to come up with an agreement when they meet next month in Algiers. These were some of the considerations behind our trade view earlier in the week to sell CLV6 on a break below $46.50. Link: https://www.tradingfloor.com/posts/saxostrats-more-weakness-ahead-for-wti-8024451
The inventory report today comes at a critical time with a break below $45.75 signalling further losses while a close back above $46.50 may trigger renewed consolidation.
A Bloomberg survey point to a 1.3M bbl rise in crude oil and a 1M bbl fall in gasoline inventories. Updates will be posted below once available after 16:30 CET.