EIA report due at 10:30 am EST today Cushing oil inventories are expected to come at ~19m barrels for last week, already ~1m barrels below the critical 20m threshold. This means that chances Cushing hits the 18m barrels rock bottom this week are significant (the number will be public in next week's EIA report) Oil futures continue drifting lower on very low volumes; WTI traded 50% less than usual on Tuesday after the long weekend. Surely a sign that only algorithmic traders are left in the market, but also a sign the market might be grinding to an abrupt halt once Cushing tank bottoms are hit. I believe volatility can spike at any moment once it's undeniable that, despite Trump's relentless rhetoric, the MoU with Iran is not resulting in a full reopening of the SoH traffic and quick return to normal of the supply in the market. Furthermore, speculative short positioning in the oil market, both retail and institutional, remains extreme above and beyond previously observed all-time highs.