api report We are linked to oil price for a few months. This is good news: first decline since long ago. If the eia report at 10:30ET is in line, it could be sign that weekly falling rig counts start to have affect, and beginning to oil reversal:
12:54 p.m. Today - By Myra P. Saefong
API data show unexpected fall in U.S. crude supply SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute late Tuesday reported an unexpected decline in crude supplies of 404,000 barrels for the week ended March 6, according to sources. Analysts surveyed by Platts forecast a crude-supply climb of 4.2 million barrels. Sources said the API reported that gasoline and distillate stockpiles each rose by 1.7 million barrels. Following the data, April crude was at $48.71 a barrel in electronic trading, up from the $48.29 . The more closely watched Energy Information Administration report is due Wednesday.
https://www.marketwatch.com/organizations/american_petroleum_institute
link to weekly rig counts: https://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview