WTI & Brent trade ~$0.50 & ~$0.40 above their...>

OIL: WTI & Brent trade ~$0.50 & ~$0.40 above their respective settlement levels,

benefitting from reports which pointed to a huge headline drawdown in headline

crude stocks in the latest API inventory estimates. The reports also pointed to

a surprise draw in distillate stocks, an inline with exp. draw in gasoline

stocks & a draw in stocks at the Cushing hub, supportive for crude on the whole.

- Tuesday saw WTI add ~$1.20 at settlement, with Brent adding $0.80 or so on the

day, shaking off a heavy session for equities as the benchmarks turned bid ahead

of settlement. The highlight news flow wise was probably OPEC+'s JMMC suggesting

that crude inventory levels will be subjected to significant drawdowns in H219.

Elsewhere, Russian Energy Minister Novak reiterated the country's pledge to

abide by the OPEC+ production pact (with the country's compliance always under

question). Finally Iranian Oil Minister Zanganeh noted that "three days are

needed to return production to the levels before the reduction," he added that

Iran will continue to sell its oil on the international markets despite

sanctions imposed on the state by the U.S.

- DoE Inventory data provides the highlight for participants today.