A preliminary investigation released on Tuesday, November 11th showed that US crude oil inventories were expected to increase last week, while gasoline and distillate inventories declined.

Prior to the release of the weekly inventory report, the five analysts interviewed estimated on average that US crude oil inventories had increased by approximately 1.2 million barrels in the week ending November 7th. The expanded survey results for more analytical institutions will be released on Wednesday.

Due to the US holiday on November 11th, the release of the weekly crude oil inventory reports by the American Petroleum Institute (API) and the US Energy Information Administration (EIA) will be postponed by one day. They will meet with investors on Thursday (November 13th) at 05:30 and Friday (November 14th) at 01:00 Beijing time, respectively.

EIA released a report last week showing that US crude oil inventories increased by 5.2 million barrels to 421.2 million barrels in the week ending October 31, with an estimated increase of 603,000 barrels.

Analysts also predict that the inventory of distillate oil, including diesel and heating oil, fell by about 2.7 million barrels last week; Gasoline inventory has decreased by approximately 2.6 million barrels.

A survey shows that the capacity utilization rate of US refineries is expected to increase by 0.5 percentage points last week compared to the previous week's 86.0%.

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