U.S. commercial crude oil stocks are expected to have risen 2.8 million barrels during the week ended January 30, a Platts analysis and survey of oil analysts showed.The American Petroleum Institute (API) will release its weekly stocks data at 4:30 p.m. EST (2130 GMT) Tuesday. The U.S. Energy Information Administration (EIA) is scheduled to release its weekly data at 10:30 a.m. EST (1530 GMT) Wednesday.

The EIA five-year (2010-14) average shows inventories increasing 1.7 million barrels for the reporting week as seasonal refinery maintenance results in less crude oil demand from refineries.

The U.S. crude oil inventory reached a record-high 406.7 million barrels the week ended January 23, according to EIA data that goes back to 1982.

Strong domestic crude oil production, combined with an economic incentive to store crude oil, has propelled stocks higher just as seasonal maintenance begins.

New York Mercantile Exchange (NYMEX) crude oil futures are more expensive for later-dated contracts than prompt delivery, making it profitable for traders to buy and store crude oil.

In refinery news, BP restarted one of three crude oil distillation units at its 413,000 barrels per day (b/d) Whiting, Indiana, refinery. The 85,000 b/d unit had been shut for unplanned maintenance.

Analysts expect the refinery utilization rate to drop 0.5 percentage point to 87.5% of operable capacity.

GASOLINE STOCKS EXPECTED TO FALL

U.S. gasoline stocks are expected to have shrunk 800,000 barrels last week, according to the analysts surveyed. The EIA five-year average shows inventories building 1.7 million barrels in the comparable reporting week.

Stocks on the U.S. Atlantic Coast (USAC) -- home to the New York Harbor-delivered NYMEX RBOB futures contract -- were at a 1.7% deficit to the EIA five-year average the week ended January 23.

One of two fluid catalytic (FCC) crackers at the 160,000 b/d refinery in Oregon, Ohio, was closed for maintenance the week ended January 30. The refinery is a joint venture between BP and Husky Energy. The refinery's FCC capacity equals 52,250 b/d, EIA data shows.

FCCs convert vacuum gasoil into gasoline and other high-end refined products. An FCC's closure could result in a gasoline stock drawdown, unless imports increase enough to offset production losses.

U.S. distillate stocks are expected to have decreased 2.1 million barrels during the week ended January 30. EIA five-year average shows U.S. distillate stocks falling 950,000 barrels over the latest reporting week.

In refinery news, Shell closed a hydrocracker at the company's 165,000 b/d Martinez, California, refinery the week ended January 30. The Martinez plant has a hydrocracking capacity of 39,400 b/d, according to the EIA.

Phillips 66 shut a hydrocracker at its 80,000 b/d Rodeo, California, refinery the week ended January 30. The hydrocracker has a capacity of 23,000 b/d.

A hydrocracker unit converts heavy feedstock into refined products, including jet fuel and diesel.

U.S. distillate exports from U.S. Gulf Coast and USAC to Europe ports totaled 320,000 metric tonnes (mt) the week ended January 30, up from 240,000 mt, according to Platts cFlow ship-tracking software.

Exports provide an additional outlet for supplies, helping draw stockpiles lower.
Source: http://www.platts.com/pressreleases/2015/020215/no