On Monday, February 9th, a preliminary investigation showed that US crude oil inventories were expected to increase last week, while distillate and gasoline inventories may decline.

The average estimate of the three interviewed analysts is that as of the week ending February 6th, US crude oil inventories increased by about 950,000 barrels.

The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 am Beijing time on Wednesday. The US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 23:30 Beijing time on Wednesday.

Last week, EIA reported that US crude oil inventories fell 3.5 million barrels to 420.3 million barrels in the week ending January 30, as crude oil production fell to its lowest level since November 2024. Analysts expect an increase of 489,000 barrels.

Analysts on average estimate that as of the week ending February 6th, gasoline inventories in the United States have decreased by about 2 million barrels, and distillate fuel inventories, including diesel and heating oil, have decreased by about 1.12 million barrels.

The survey shows that the utilization rate of refinery capacity is expected to increase by 0.5 percentage points, compared to 90.5% in the previous week.

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