WTI climbs another 65-cents ahead of storage numbers

The latest readings on crude stockpiles are due at 4:35 pm ET. The numbers are released to subscribers 5 minutes before they hit the newswires and tend to jam crude prices.

What's been impressive over the past three months is how oil has rallied despite rising inventories.

There are signs that's about to change -- at least temporarily. The falling production and imports from Canada due to wildfires hasn't yet shown up in the data. If and when it hits, supplies could fall and crude could get another lift.

The consensus for the API report later is a drawdown of 3 million barrels of crude and 1 million barrels of gasoline.

This week, watch out for a surprise. Last week's API data showed a surprise (and bearish) build of 3 million barrels but when the official data came out last Wednesday, it showed a draw of 3 million barrels.