U. S. crude futures rose towards $72 a barrel on Wednesday, erasing a 0.2 percent loss made the previous day, after industry data showed a surprise drawdown in U. S. crude oil inventories last week against a forecast for a stock build. U. S. natural gas futures witnessed some profit taking after big gains and with weaker crude despite stronger cash gains and some signs of a tropical wave in the Central Atlantic.

The U. S. National Hurricane Center said Tuesday an area of showers and thunderstorms in the central Atlantic several hundred miles southwest of the Cape Verde Islands was associated with a tropical wave. The system had less than a 30 percent chance of formation and any significant development was expected to be slow to occur as the wave moved west at about 15 miles per hour.

Qatar has cut its July retroactive official selling price (OSP) for Qatar Marine crude to $64.72 a barrel, down $5.38 from June. Qatar also set the July Qatar Land OSP at $65.50, down $5.60 from June, a trader said.

American Petroleum Institute said late on Tuesday that U. S. crude stocks unexpectedly fell 1.5 million barrels last week.

The U. S. Energy Information Administration will issue its report today. An expanded poll of analysts forecast an 800,000- barrel build in crude stocks in the week to July 31.

Crude oil: The focus will be on today’s EIA inventory report. We may see an upside of $1.5-2 in crude oil. We remain very bullish on natural gas and expect prices to trade firm during the day.