WTI & Brent sit comfortably above their.........>

OIL: WTI & Brent sit comfortably above their respective settlement levels, with

CLM0 outperforming both Brent & the remainder of its own curve, +$1.80, while

CON0 sits ~$0.80 better off. A reminder that Tuesday saw the latest twist on the

index front, as S&P instructed those that track the relevant S&P indices to roll

out of their June WTI contracts into July in an effort to escape any volatility

into contract expiry (which is still some ~3 weeks away). Worth noting that open

interest in that particular contract has nearly halved since April 20, on the

back of the swings in USO holdings and now that move from S&P.

- Later Tuesday, reports pointed to the latest weekly API inventory estimates

revealing an in line with exp. build in headline crude stocks, a surprise

drawdown in gasoline stocks, a larger than expected build in distillate stocks

and a build in stocks at the Cushing hub.

- We also saw Petrologistics suggest that OPEC's April oil supply has hit the

highest level seen since Dec 2018, rising by more than 2mn bpd in M/M terms,

driven by Saudi, the UAE & Kuwait.

- DoE inventory data hits later today.