A preliminary survey on Monday, October 20, showed that US crude oil inventories are estimated to have risen last week, while gasoline and distillate inventories may have fallen.

Based on the average estimate of five surveyed institutions, US crude oil inventories are expected to have risen by approximately 1.5 million barrels in the week ending October 17.

The American Petroleum Institute (API) will release its weekly industry inventory report at 04:30 Beijing Time on Wednesday, and the US Energy Information Administration (EIA) will release its official inventory report at 22:30 Beijing Time on Wednesday.

The EIA report showed that US crude oil inventories rose by 3.5 million barrels to 423.8 million barrels in the week ending October 10, exceeding analysts' expectations of a 288,000-barrel increase.

According to analysts' latest estimates, distillate inventories, which include diesel and heating oil, fell by approximately 1.9 million barrels last week, while gasoline inventories may have fallen by around 1.3 million barrels.

Refinery capacity utilization is expected to remain at 85.7% from the previous week, the survey showed.

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