SunSirs: U.S. Crude Oil and Distillate Fuel Inventories Are Expected to Decrease Last Week, While Gasoline Inventories Are Expected to Increase

On Monday, November 17, a preliminary survey indicated that U.S. crude oil and distillate fuel inventories are expected to decrease last week, while gasoline inventories are expected to increase.

Prior to the release of the weekly inventory report, the average forecast from five surveyed analysts was that U.S. crude oil inventories would decrease by approximately 2 million barrels in the week ending November 14. The results of the survey of more analysts will be released on Tuesday.

The American Petroleum Institute (API) will release its industry version of the weekly inventory report at 05:30 Beijing time on Wednesday, and the U.S. Energy Information Administration (EIA) will release its official inventory report at 23:30 Beijing time on Wednesday.

The EIA's report last week showed that U.S. crude oil inventories increased by 6.4 million barrels to 427.6 million barrels in the week ending November 7, compared to a survey forecast of an increase of 1.96 million barrels.

Analysts also predicted that distillate fuel inventories, including diesel and heating oil, would decline by approximately 2 million barrels last week, while gasoline inventories would increase by approximately 1 million barrels.

Surveys indicate that U.S. refinery capacity utilization is expected to rise 0.9 percentage points last week from 89.4% the previous week.

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