Oil Storage Report - March 7

[dan_s]

The "official" report comes out on Wednesday morning, but here is API's guess.

The American Petroleum Institute reportedly shows a build of 5.66M barrels of crude oil for the week ending Mar. 2 vs. last week's build of 933K barrels.
Gasoline reportedly shows a draw of 4.53M barrels and distillates show a build of 1.48M barrels.

This is the time of year that U.S. crude oil inventories MUST BUILD, so we have enough feed stock for the massive increase in gasoline and diesel demand that is just a few weeks away.