Little Changed In Wake Of Mixed API Inventory Estimates

WTI & Brent sit a handful of cents below their respective settlement levels at typing. This comes after the benchmarks finished little changed on Tuesday.

• Late Tuesday saw the latest API crude inventory estimates reveal a surprise headline build in crude stocks, alongside a slightly wider than expected build in gasoline stocks. Still, this was tempered by a deeper than expected drawdown in distillate stocks. Elsewhere, there was a modest build in stocks at the Cushing hub.
• A reminder that the latest OPEC+ JMMC gathering heralded nothing in the way of formal recommendations, with participants pointing to the need for adherence to the current production quotas. That came after source reports pointed to much wider than previous excess supply calculations for '21. Uncertainty surrounding COVID, despite the recent developments on the vaccine front, were front and centre in public communique.