US crude oil inventories: The API reported yesterday that US crude oil inventories increased by 2.4MMbbls over the last week, which was somewhat of a surprise, with expectations for a 1.7MMbbls drawdown, according to a Bloomberg survey. The surprise build has put some renewed pressure on the flat price, as well as the WTI/Brent discount. On the products side, gasoline also surprised, with a build of 350Mbbls, compared to expectations of a 850Mbbls drawdown. The more widely followed EIA numbers will be released later today. OPEC meeting delayed: The key OPEC meeting, which was scheduled to be held in Vienna on 25 ... (full story)