US Crude Inventories Fall the Most in 8 Months

US crude inventories fell by 8.557 million barrels in the week ended October 9, the most since February and well above market expectations for a 0.3 million-barrel draw. On the other hand, crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.862 million barrels. Meanwhile, refinery crude runs increased by 0.135 million barrels per day. Gasoline stocks rose by 3.518 million barrels, versus expectations for a 0.5 million-barrel decrease. Distillate stockpiles, which include diesel and heating oil, fell by 2.527 million barrels, above estimates for a 1.6 million-barrel draw. Net US crude imports fell by 0.596 million barrels per day.

US crude inventories fell by 3.186 million barrels in the week ended October 2nd, the biggest drop in five weeks, compared to market expectations for a 1.7 million-barrel rise, and following a 0.922 million barrel increase in the previous week. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 0.444 million barrels, extending a 0.553 million gain the week before. Refinery crude runs rose by 0.223 million barrels per day, the most in ten weeks. Gasoline stocks increased by 0.382 million barrels, compared to forecasts for a 1.7 million-barrel decrease. Distillate stockpiles, which include diesel and heating oil, fell by 0.042 million barrels, less than expectations for a 2.1 million-barrel drop. Net US crude imports decreased by 0.053 million barrels per day.

US crude inventories rose by 0.922 million barrels to 427.3 million barrels in the week ended September 25, versus market expectations for a 0.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 0.553 million barrels to 24.3 million barrels. Refinery crude runs fell by 554,000 barrels per day. Gasoline stocks fell by 1.684 million barrels to 204.4 million barrels, more than forecasts for a 0.5 million-barrel decrease. Distillate stockpiles, which include diesel and heating oil, fell by 2.251 million barrels to 105.2 million barrels, above expectations for a 0.2 million-barrel drop. Net US crude imports fell by 468,000 barrels per day.