Crude Oil Update : Focus on Inventories

Attention turns US DoE weekly oil inventory data and EIA natural gas storage data at 1030EDT, delayed by 1-day given US Presidents' day holiday.

Looking for crude oil supplies to rise 1.0mln barrels for the week ended February 16. Gasoline supplies are seen down 50k barrels and distillate supplies expected to fall 2.8mln barrels.

As far as natural gas storage data is concerned, estimates vary from 216-233 Bcf withdrawal for the same period for an average estimate of 226 Bcf draw and compares to ICP/Nymex auction settlement of a 230 Bcf draw.