10:00a Wholesale Trade M/M change 0.2% vs 1.2% prior
Highlights
The big build in wholesale inventories eased sharply in February which is good news for production balance but won't be giving any additional boost to first-quarter GDP. Inventories at wholesalers rose a slightly lower-than-expected 0.2 percent in February vs oversized builds of 1.2 and 1.1 percent in the prior two months. Sales at wholesalers rose 0.3 percent in February to hold the inventory-to-sales ratio unchanged at 1.35 which, however, looks a bit heavy compared to 1.29 in February last year. Inventories at retailers, like wholesalers, were climbing in December and January with business inventories data tomorrow to update February inventories at retailers.
Consensus Outlook
Wholesale inventories have been climbing very sharply in contrast to sales in the sector which have been spotty. Forecasters see a slowing build for wholesale inventories in March, at a consensus 0.3 percent vs 1.2 percent and 1.1 percent builds in the two prior months.
10:30a EIA Petroleum Inventories
Crude oil inventories [weekly change] -1.4M barrels vs 7.0M barrels
Gasoline [weekly change] -1.2M barrels vs -7.7 Mbarrels
Distillates [weekly change] -0.4M barrels vs -0.1M barrels
Definition
The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.
Dan 
AI
