Once again the weekly DOE data are unlikely to have any major impact unless they are bullish, but for the sake of good order the latest Platts survey for the week ending April 1 is calling for a 1.3 million barrel build in crude oil stocks, a 2.1 million barrel draw in gasoline supplies, and a 600,000 barrel build in distillate inventories.  Our guesstimates would suggest that for crude oil, steady runs and a slight falloff in imports led to a crude oil stock build somewhat larger than the market is looking for.  In terms of gasoline, we would guess that implied demand remained steady from the previous week, but imports probably fell off while refiner output remained constrained due to normal conversion unit maintenance, all leading to a draw in gasoline supplies in excess of consensus expectations.  For distillate, our numbers would suggest a small draw assuming a modest recovery in implied demand.

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