Snapshot: WTI Crude is trading at 74.55, down 1.71% on the day. Last week’s EIA US Crude Stocks data showed a significant draw of 8,263k bbl, the primary domestic driver. Today’s high-impact catalyst is the 08:30 ET Canadian CPI print.
- EIA US Crude Stocks: 418,222 k bbl (excl SPR), a draw of 8,263k bbl w/w.
- Risk: CAD CPI data at 08:30 ET could influence broader commodity sentiment.
Bias into NY: The significant inventory draw provides a constructive domestic backdrop for WTI Crude, suggesting underlying demand strength. We look for a retest of recent highs near 76.00 if the CAD data doesn’t derail sentiment.