Quote from InvestVision:
3/20 EIA forecast
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Mark Shenk at Bloomberg reports that U.S. oil supplies probably climbed last week because refineries have yet to finish their seasonal maintenance programs according to the Bloomberg News survey.
- Crude-oil stockpiles are expected to increase by 1.1 million barrels in the week ended March 20 from 353.3 million the previous week, according to the median of 11 estimates by analysts before an Energy Department report this week.
- Ten of those surveyed said supplies increased and one said there was no change.
- Gasoline stockpiles probably dropped 500,000 barrels from 215.7 million the prior week, according to the survey.
- Six analysts forecast a decline and five said there was an increase.
- Supplies of distillate fuel, a category that includes heating oil and diesel, probably declined 500,000 barrels.
- Refineries probably operated at 82.1 percent of capacity, unchanged from the week before. Utilization rates unexpectedly declined last week. Refiners often shut units for maintenance in January and February as attention shifts away from heating oil and before gasoline use rises with warmer weather.
- Still weak demand may create another bearish surprise especially for gas where the retail price is starting to creep up once again