Tonight's American Petroleum Instituteweekly inventory report is expected to show moderate drawdowns
in distillates and gasoline stocks for the week ended March 27,
analysts and traders said.
    They said they expect gasoline stocks to fall three mln
barrels or less and heating oil inventories to drop between 1.3
and four mln barrels.
    Some analysts see crude stocks falling by as much as six
mln barrels, while others think they could go up as much as 3.5
mln barrels. Crude oil runs are expected to be unchanged from
the previous week or slightly higher or lower.
    For the week ended March 20, the API said gasoline stocks
fell 2.7 mln barrels. Mosts analysts expect a modest draw for
the week ended March 27. They said stocks could fall between
700,000 and three mln barrels. Some said there is also a chance
gasoline stocks will be unchanged.
    API said distillate stocks dropped four mln barrels for the
week ended March 20. Analysts and traders generally predict a
similar or smaller depletion for last week. They said stock
levels could drop 1.3 to four mln barrels.
    The analysts attribute product stockdraws to seasonal
factors but they said crude direction is harder to call.
    Crude inventories rose 8.5 mln barrels in the week ended
March 20, API said. Analysts are looking for build of between
3.5 mln barrels to a six mln barrel draw for the week ended
March 27.
    API reported the amount of refinery capacity utilized up
three pct for the week ended March 20. Analysts said
utilization could have remained unchanged, or rose or fell by
less than one pct for the week ended March 27.
    Moderate product stockdraws would strengthen the market
slightly, analysts said. But bullish expectations are already
partially reflected in today's gains, they added.
 Reuter
