EIA Oil Inventory Preview: The EIA weekly petroleum status report will be released at 10:30ET (15:30GMT) today.

• Crude inventories are expected to draw by 1.38mbbl, gasoline to build 0.15mbbl and distillates to build 0.30mbbl for the week to Nov. 29, a Bloomberg survey average shows.
• US crude inventories last week fell more than expected driven by a big drop in imports, especially in PADD3, and despite a rebound in crude production up to 13.49mb/d. Cushing stocks remain at the seasonal five year range lows. Refinery runs were back up to 90.5% as Gulf Coast runs remain at the highest seasonal level in six years. A Bloomberg survey shows a further 0.40 percentage points rise expected this week.
• Gasoline stocks are expected to rise again this week to continue the rise since mid-November in line with the seasonal trend. Higher production is boosting stocks while both imports and exports recovered higher last week. The four week average implied gasoline demand edged lower in line with the seasonal trend to hold just below normal for the time of year.
• Distillates stocks last week also showed an increase in production, but stocks showed a smaller build due a rise in exports while weekly implied demand edged lower. The four week average distillates demand was the lowest since early September and below the previous seasonal five year range.
• The API data yesterday showed a crude build of 1.2mbbl, a Cushing build of 0.11mbbl, a gasoline build of 4.6mbbl and distillates build of 1.0mbbl.