On Monday, December 15th, a preliminary survey showed that US crude oil inventories likely declined last week, while distillate and gasoline inventories may have increased.

Prior to the release of weekly inventory data, the average estimate from three analysts surveyed was that US crude oil inventories decreased by approximately 220,000 barrels in the week ending December 12th. The results of a broader 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 AM Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 11:30 PM Beijing time on Wednesday.

EIA data showed that in the week ending December 5th, US crude oil inventories decreased by 1.812 million barrels to 425.691 million barrels, compared to analysts' expectations of a 2.3 million barrel decrease.

Analysts on average estimated that distillate fuel inventories, including diesel and heating oil, likely increased by approximately 2.1 million barrels last week, and gasoline inventories were also estimated to have increased by approximately 2.1 million barrels.

The survey showed that refinery utilization rates may have decreased by 0.2 percentage points from the 94.5% reached last week.

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