OIL MKT DRIVERS: API Crude Draw; ARA Build; Russia Tensions

By Alex Longley

(Bloomberg) — Summary of what’s shaping the oil market on Wednesday: API is said to report a drop in U.S. crude, gasoline and distillate inventories, before more definitive government data due later. ARA stockpiles rise to highest level since July, Genscape data show. Russia is said to seek improved relations with the U.S. INVENTORIES:


* API is said to report U.S. crude stocks fell 1.05m bbl last week

** Cushing -1.02m bbl; gasoline -2.47m bbl; distillates -854k bbl
** EIA data due at 10:30am ET, with crude stockpiles forecast to rise 650k bbl
** Cushing stockpiles dropped 650b bbl last week: Bloomberg forecast

GEOPOLITICS:

* Putin is said to seek Trump deal even after sanctions, Syria attack

** Russia’s leader wants to give President Trump another chance to make good on pledges to improve ties and avoid escalation, according to four people familiar with matter
** One said Kremlin has ordered officials to curb anti-U.S. rhetoric

* Trump confirms Pompeo met Kim Jong-Un in North Korea last week

OTHER HEADLINES:

* Kurd/Iraq oil terminal at Ceyhan shut for work: Port agent
* Crude storage in ARA rises 4.8% to highest since July, Genscape weekly data show
* Saudi crude exports rose to 7.251m b/d in February: JODI
* OPEC smashes oil cuts record again. Russia slips

To contact the reporter on this story: Alex Longley in London at alongley@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net John Deane