Outlook: It’s a mixed session before the weekly EIA stats set for 9:30 am CST. Yesterday afternoon an industry group predicted US crude stocks fell 3.1 million barrels last week while Cushing inventories rose 2.4 million barrels, distillate supplies rose 1.2 million barrels and gasoline supplies rose 3.7 million barrels. A Reuters survey suggests today we could see a 1.7 million barrel crude draw, a 1.6 million barrel distillate build and a 1.8 million gasoline build. Meanwhile an eye is being kept on omicron news which in recent days the market has signaled its not overly concerned that it will induce a meaningful setback in demand.
