A preliminary survey released on Monday, January 12th, showed that US crude oil and distillate inventories were expected to decline last week, while gasoline inventories were likely to increase.

The survey of five analytical firms, conducted before the release of the EIA's weekly inventory data, showed that analysts on average estimated a decrease of approximately 2.2 million barrels in US crude oil inventories for the week ending January 9th. An expanded survey covering more analytical firms will be released on Tuesday.

The American Petroleum Institute (API) will release its industry inventory report at 5:30 AM Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its official inventory report at 11:30 PM Beijing time on Wednesday.

The EIA reported last week that US crude oil inventories fell by 3.8 million barrels to 419.1 million barrels for the week ending January 2nd, while analysts had expected an increase of 447,000 barrels.

Analysts predicted that distillate inventories, including diesel and heating oil, decreased by approximately 200,000 barrels last week; while gasoline inventories increased by approximately 4 million barrels.

The survey also showed that US refinery utilization was expected to decline by 0.8 percentage points last week compared to the previous week's 94.7%.

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