US Crude Inventories Post Largest Draw Since January

US crude oil inventories fell by 11.12 million barrels in the week ending October 9th, far exceeding expectations for a 1.9 million-barrel increase and marking the largest draw since late January. In the previous week, crude stocks fell by 2.09 million barrels. Meanwhile, Cushing inventories rose by 1.82 million barrels, following an increase of 866,000 barrels in the prior week. Gasoline inventories increased by 1.1 million barrels in the week ending October 7th, while distillate stocks fell by 1.5 million barrels. US crude oil production rose to 13.98 million barrels per day in the week ending October 2nd, up from 13.95 million bpd a week earlier.

US crude oil inventories fell by 2.09 million barrels in the week ending October 2, after rising 1.019 million barrels in the previous week. Cushing inventories rose by 866,000 barrels. Gasoline inventories fell by 1.37 million barrels after rising 2.991 million barrels the previous week, while distillate inventories increased by 461,000 barrels following a 286,000-barrel decline. US oil production rose to 13.955 million bpd in the week ending September 25, from 13.939 million bpd a week earlier. Meanwhile, another 800,000 barrels were released from the Strategic Petroleum Reserve (SPR), bringing total holdings to 283 million barrels. The generally accepted operational minimum for the SPR is between 250 million and 300 million barrels.

US crude oil inventories rose by 1.019 million barrels in the week ending September 25th, versus forecasts for a 1.9 million-barrel draw. In the previous week, inventories increased by 1.79 million barrels. Commercial crude inventories excluding the SPR have fallen by 38 million barrels over the past 24 weeks, while total US crude inventories are up nearly 13 million barrels year to date. Another 800,000 barrels were released from the SPR, bringing total holdings to 283.8 million barrels. The generally accepted operational minimum is between 250 million and 300 million barrels. Gasoline inventories rose 2.99 million barrels after falling 2.16 million the previous week. Distillate inventories fell 286,000 barrels, following a 2.16 million-barrel decline. US oil production held at 13.94 million bpd in the week ending September 18th, unchanged from the previous week.