US oil inventories: The API is scheduled to release weekly US oil inventory numbers today. The market is expecting that crude inventories declined by 1.25MMbbls over the last week while expectations are for builds of 1MMbbls and 1.1MMbbls in gasoline and distillate fuel oil, respectively. The EIA will also be releasing its latest Short Term Energy Outlook today- last month the EIA was forecasting US oil output for 2019 and 2020 of 12.44MMbbls/d and 13.38MMbbls/d, respectively. Naphtha remains under pressure: European naphtha cracks have come under further pressure in recent days, with the NW Europe crack trading ... (full story)