US oil numbers: The API is scheduled to release its weekly inventory report later today and market expectations are that US crude oil inventories declined by 1.4MMbbls over the last week, according to a Bloomberg survey. On the products side, a small build of 150Mbbls is expected in gasoline, while distillate fuel oil inventories are expected to decline by around 340Mbbls. Looking at spreads, the WTI/Brent discount continued to narrow yesterday, trading to a discount of almost US$3.60/bbl - levels last seen back in 1Q18. The Houston/Brent spread has also narrowed significantly since early July, trading from a ... (full story)