A preliminary survey released on Monday, October 27th, showed that both U.S. crude oil and refined product inventories were expected to fall last week.

Based on the average estimate of four surveyed institutions, U.S. crude oil inventories are expected to have fallen by approximately 400,000 barrels in the week ending October 24th.

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

The EIA report showed that U.S. crude oil inventories fell by 961,000 barrels to 422.8 million barrels in the week ending October 17th, compared with analysts' expectations for an increase of 1.2 million barrels.

According to analysts' latest estimates, distillate inventories, including diesel and heating oil, fell by approximately 1.8 million barrels last week, while gasoline inventories may have fallen by approximately 1.9 million barrels.

The survey showed that refinery capacity utilization is expected to have fallen by 0.2 percentage points from 88.6% in the previous week.

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