The following table compares my projections for this week's report (for the categories I am making projections with the change in inventories for the same period last year. As you can see from the table last year's inventories are mostly in directional sync with this week's projections. As such if the actual data is in line with the projections there will only be modest changes in the year over year inventory comparisons for just about everything in the complex.
I am downgrading my view for WTI to neutral to cautiously bearish but maintaining my view at neutral bias at cautiously bullish for Brent and the rest of the complex. That said I am continuing to fly the caution flag as any additional equity market corrections will impact oil prices in much the same way... round of profit taking selling (as we saw yesterday).
I am moving my Nat Gas view and bias to neutral as the weather forecasts and nearby temperatures remain somewhat supportive. As I have been discussing for weeks the direction of Nat Gas prices are primarily dependent on the actual and forecasted weather pattern now that we are still in the heart of the winter heating season and currently those forecasts have turned a tad more supportive at the moment.
Markets are mostly lower heading in the US trading session as shown in the following table.