US crude stocks likely to build by 1.3 million barrels: analysts

New York (Platts)--4Apr2011/413 pm EDT/2013 GMT

Weekly oil data from the US Energy Information Administration and the American Petroleum Institute should show a build of about 1.3 million barrels in US commercial crude stocks for the reporting week ended April 1, analysts polled by Platts said Monday.

API is scheduled to release its weekly data at 4:30 pm EDT (2030 GMT) Tuesday. EIA's weekly oil statistics will be released at 10:30 am EDT (1430 GMT) Wednesday.

While refinery inputs are expected by analysts to rise, the increase will not be enough to erode crude stocks unless imports drop off from last week's 9.128 million b/d level, they forecast. Crude imports of 9.128 million b/d last week were a their the highest level in two months, according to EIA data.
Refinery inputs are expected to edge up 0.6 percentage points to 84.7%.

Gasoline stocks are projected to draw by 2.1 million barrels. Low refiner production due to maintenance season amid fairly high demand readings that reflected the changeover to summer from winter grade gasoline has caused stocks to drop by 24.06 million barrels, to 217.036 million barrels.

Stocks of middle distillates are expected to build by 600,000 barrels. A moderation in temperatures along the Atlantic Coast, as is usual at this time of year, should slow demand and reverse stocks draws seen in prior weeks.

--Linda Rafield, linda_rafield@platts.com

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