Modest Gains In Asia As Consumer Inventory Release Underwhelms

WTI & Brent futures sit ~$0.30 above their respective settlement levels at typing, with Tuesday's official confirmation of the coordinated stockpile release from some of the major oil consuming nations underwhelming the market. The benchmarks have built on Tuesday's gains, with the structure of the aforementioned releases (mostly short-term swap-tied/pre-announced) failing to inspire bears, while participation of parties to the deal, excluding the U.S., disappointed. A surprise headline crude build in the weekly API inventory estimates provided some brief downward pressure in post-settlement trade, before Asia-Pac hours saw a shallow boost for prices. DoE inventory data headlines on Wednesday, ahead of the U.S. Thanksgiving holiday. Broader focus falls on next week's OPEC+ gathering, with an eye on any response to the aforementioned move from the major oil consumers.