Credit to Tim Clayton- Eco Calendar for the figures. If crude...

Credit to Tim Clayton- Eco Calendar for the figures.

If crude needed another reason to keep marching higher then we got it just then with The American Petroleum Institute (API) weekly inventory data recording a draw of 7.6mn barrels after the 0.75mn barrel draw the previous week. Markets were expecting a weekly build of around 1.5mn, but there have been unexpected draws in each of the last three weeks and API inventories have only increased once since the end of August.

There is likely to be some reassessment of underlying demand given the consistent decline inventories. WTI spiked higher to $48.95 on the API release and then extended gains to the $49.20 area. The Energy Information Administration (EIA) data on Wednesday will again be an important focus given high volatility over the past few weeks.

Great backdrop for an undervalued, low cost, oil producer !

Onwards and upwards. Best of luck all. Ben