EIA Oil Inventory Preview: The day delayed EIA weekly petroleum status report will be released at 11:00ET (16:00BST) today.

• Crude inventories are expected to build by 1.50mbbl, gasoline to draw 1.70mbbl and distillates to draw 2.19mbbl for the week to Oct. 11, a Bloomberg survey shows.
• US crude inventories rose more than expected last week driven by another bigger than expected drop in refinery utilisation and increase in production back up to record levels of 13.4mbpd and despite a net drop in imports in the week. Refinery utilisation fell for the fifth consecutive week to 86.7% with crude processing falling 1.3mbpd in that period but still above levels this time last year. Utilisation is expected to fall a further 0.26 percentage points this week. U.S. oil refiners are expected to have about 1.04mb/d of capacity offline in the week ending Oct. 18, raising available refining capacity by 40kb/d w/w according to IIR Energy.Cushing stocks continued to recover from the September lows but remain near five year range lows.
• Gasoline and distillates stocks both drew more than expected last week with a surge in weekly implied demand and lower imports. Refinery maintenance has put pressure on inventories. while gasoline imports were the lowest since February. Hurricane Milton which made landfall on Florida's west coast on Oct. 10, resulted in significant gasoline panic buying in PADD 1 but destruction dampened fuel demand with millions without power.
• Four week implied gasoline demand last week rebounded above normal for the first time since mid August. Four week average implied distillate demand followed the seasonal trend higher but remains just below normal. Jet fuel demand surged to a 24-year seasonal high with a rise counter to the typical seasonal trend.
• The API data yesterday showed an unexpected crude draw of 1.6mbbl, a Cushing build of 0.4mbbl, a large gasoline draw of 5.9mbbl and distillates draw of 2.7mbbl.