The DOE states the weekly data will be released as customary on Wednesday morning. In this

regard, the latest Platts survey is looking for a 1.0 million barrel build in crude oil stocks, a 1.5 million

barrel decline in distillate supplies, and a 1.5 million barrel build in gasoline inventories. Our cursory cut at

the data would suggest that crude oil runs were steady to up modestly, domestic crude oil production

averaged close to 5.9 MMB/D, but gross imports recovered from the prior week. Nonetheless, our

arithmetic yields a modest crude oil stock draw. For distillate, we would look for a further easing in

implied demand to around 4.0 MMB/D. Gross imports should ease somewhat, refinery production about

steady, while gross exports remain quite healthy. We would look for a distillate stock decline somewhat

smaller than consensus expectations. Finally, despite an expected modest recovery in implied demand from

the prior week and a retracement in both gross imports and refinery output, our numbers suggest a larger

gasoline stock build than the market is looking for.

Tags: crude oil inventory outlook, DOE Energy Inventory report, EIA inventory report, energy commodity risk management, energy commodity trading, energy inventories, energy trading risk management, gasoline inventories, heating oil inventories, Platts oil inventory assessment