EIA Oil Inventory Data Due: Market Eyes Crude Draw of 1.96M Barrels

Energy markets await the official EIA petroleum inventory report at the bottom of the hour, with expectations pointing to a crude oil draw of 1.96 million barrels. Consensus forecasts also anticipate builds in refined products, with distillates expected to increase by 0.824 million barrels and gasoline stocks rising by 0.853 million barrels. The API data released late yesterday showed contrasting figures that have heightened market attention on today's official numbers. Oil prices have been climbing recently, with WTI crude reaching 7-week highs amid supply concerns and improving demand outlook. The inventory data could provide significant volatility for commodity-linked currencies, particularly CAD and NOK. A larger-than-expected crude draw would likely support oil prices and strengthen these petrocurrencies, while a surprise build could trigger profit-taking. Traders should monitor USDCAD for potential moves following the release.