US Crude Oil Inventories Fall More than Expected

US crude inventories fell by 6.233 million barrels to 459.5 million barrels in the week ended April 24, compared with expectations for a 0.2 million barrel draw. Stocks at the Cushing, Oklahoma hub decreased by 796,000 barrels. Refinery activity increased, with crude runs rising by 84,000 barrels per day and utilisation rates up 0.5 percentage points. Fuel stocks also tightened more than expected. Gasoline inventories dropped by 6.075 million barrels to 222.3 million, compared with forecasts for a 2.1 million barrel decline. Distillate stocks, including diesel and heating oil, fell by 4.494 million barrels to 103.6 million, also exceeding expectations for a 2.2 million barrel draw. Net US crude imports fell by 1.968 million barrels per day over the week.

US crude inventories rose by 1.925 million barrels to 465.7 million barrels in the week ended April 17, compared with expectations for a 1.2 million barrel draw. Stocks at the Cushing, Oklahoma hub increased by 806,000 barrels. Refinery activity eased, with crude runs falling by 55,000 barrels per day and utilisation rates down 0.5 percentage points. In contrast, fuel stocks tightened more than expected. Gasoline inventories dropped by 4.6 million barrels to 228.4 million, compared with forecasts for a 1.5 million barrel decline. Distillate stocks, including diesel and heating oil, fell by 3.4 million barrels to 108.1 million, also exceeding expectations for a 2.5 million barrel draw. Net US crude imports rose by 1.21 million barrels per day over the week.

US crude inventories fell by 913,000 barrels to 463.8 million in the week ended April 10, defying expectations for a 200,000 barrel increase. Stocks at the Cushing Oklahoma hub dropped by 1.7 million barrels, marking the largest decline since January 2025. Refinery activity softened, with crude runs down by 208,000 barrels per day and utilization rates falling 2.4 percentage points to 89.6%. Gasoline inventories declined by 6.3 million barrels to 232.9 million, exceeding forecasts for a smaller 2.1-million-draw. Distillate stocks, including diesel and heating oil, fell by 3.1 million barrels to 111.6 million, also surpassing expectations for a 2.4 million-barrel drop. Meanwhile, net US crude imports decreased by 2.11 million barrels per day, the most since September 2025.