A preliminary survey released on Monday, December 1, indicates that U.S. crude oil inventories are expected to decline last week, while distillate fuel and gasoline inventories are expected to increase.

Ahead of the weekly inventory report release, the average forecast from four surveyed analysts was for a 1.8 million barrel decline in U.S. crude oil inventories for the week ending November 28. Results from surveys of more analysts will be released on Tuesday.

The American Petroleum Institute (API) will release its industry version of the weekly inventory report at 05:30 Beijing time on Wednesday, and the U.S. Energy Information Administration (EIA) will release its official inventory report at 23:30 Beijing time on Wednesday.

Last week, the EIA reported that U.S. crude oil inventories increased by 2.8 million barrels to 426.9 million barrels in the week ending November 21, compared to a survey forecast of a 55,000 barrel increase.

Analysts predict that distillate fuel inventories, including diesel and heating oil, increased by approximately 1.3 million barrels last week; gasoline inventories increased by approximately 2 million barrels.

Surveys indicate that U.S. refinery capacity utilization is expected to rise 0.6 percentage points last week from 92.3% the previous week.

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