On Tuesday, January 20th, a preliminary survey showed that US crude oil and gasoline inventories were expected to increase last week, while distillate fuel inventories were likely to decline.
The average estimate of four analysts surveyed indicated that US crude oil inventories increased by approximately 1.8 million tons in the week ending January 16th.
Due to the Martin Luther King Jr. Day holiday on Monday, the American Petroleum Institute (API) weekly crude oil inventory report was delayed until 5:30 AM Beijing time on Thursday, and the US Energy Information Administration (EIA) weekly crude oil inventory report was delayed until 1:00 AM on Friday.
EIA data showed that in the week ending January 9th, US crude oil inventories increased by 3.4 million barrels to 422.4 million barrels, while analysts had previously expected a decrease of 1.7 million barrels.
Analysts estimated that distillate fuel inventories, including diesel and heating oil, likely decreased by approximately 200,000 barrels last week, while gasoline inventories likely increased by approximately 2.5 million barrels.
The survey showed that refinery utilization rates last week were expected to decrease by 0.3 percentage points from the previous week's 95.3%.
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