On Monday, December 8, a preliminary survey indicated that U.S. crude oil inventories are expected to decline last week, while distillate and gasoline inventories are likely to increase.

Ahead of the weekly inventory data release, the average forecast from four analysts surveyed was for a decline of approximately 1.8 million barrels in U.S. crude oil inventories for the week ending December 5. An extended survey of more analysts will be released on Tuesday.

The American Petroleum Institute (API) will release its weekly crude oil inventory report at 5:30 a.m. Beijing time on Wednesday, and the U.S. Energy Information Administration (EIA) will release its weekly crude oil inventory report at 11:30 p.m. Beijing time on Wednesday.

The EIA report showed that U.S. crude oil inventories increased by 574,000 barrels to 427.5 million barrels in the week ending November 28, while analysts had expected a decrease of 821,000 barrels.

Analysts, on average, estimated that distillate fuel inventories, including diesel and heating oil, increased by approximately 1.5 million barrels last week, while gasoline inventories increased by approximately 2.3 million barrels.

The survey indicated that refinery capacity utilization is expected to remain unchanged at 94.1%.

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