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OIL MKT DRIVERS: API Sees U.S. Crude Draw; EIA Data; OPEC Goals 3/21/2018
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OIL MKT DRIVERS: API Sees U.S. Crude Draw; EIA Data; OPEC Goals

By Alex Longley

(Bloomberg) --

Summary of what's shaping the oil market on Wednesday: Prices rally for 2nd day, testing highs from late-February, after API yesterday was said to report draw in U.S. crude stockpiles. More definitive EIA data due later. OPEC is said to discuss changing its gauge of success for oil output cuts.

U.S. INVENTORIES:

* API is said to report U.S. crude stocks fell 2.74m bbl last week

** Cushing +1.64m bbl; gasoline -1.06m bbl; distillates -1.93m bbl

* Crude stockpiles forecast +3.25m bbl in Bloomberg survey before EIA data; follow at TOPLive starting at 10:20am ET

** Gasoline estimated -2.45m bbl, distillates -2.25m bbl

HEADLINES:

* OPEC said to discuss changing gauge of success for oil cuts

** Vienna meeting looked at potential change to inventory target

** Proposal could affect how quickly deal achieves its goals

* Shell Pernis refinery reports accident at hydrocracker unit
* Basrah Light seen as main deliverable crude for Shanghai futures
* North Sea Forties crude cargo is said to be deferred by 13 days
* Crude storage in ARA rises 2.6%, Genscape weekly data show
* Rich rewards await top oil refiners as ships made to switch fuel

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
Brian Wingfield, John Deane
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