Wall Street looked set to open slightly higher on Wednesday, but the energy market could again hijack the stock market with U.S. inventory data arriving later in the morning.
Oil prices rose again before the inventory numbers, which are expected at 10:35 am New York time.
The market expects crude stockpiles to have fallen by 900,000 barrels, while gasoline inventories are forecast to have risen by 1.1 million barrels and distillates by 1.6 barrels in the week ended on June 6, according to a Dow Jones survey.
In economic news, mortgage applications rose after falling for three straight weeks, despite an uptick in interest rates. It was more good news for the housing industry, which saw April sales gain unexpectedly as lower prices begin to entice buyers.