FX.co ★ US Crude Oil Inventories Fall More than Expected

US crude oil inventories declined by 3.061 million barrels in the week ended October 16, significantly exceeding market expectations of a 0.8 million-barrel draw. In contrast, crude stocks at the Cushing, Oklahoma, delivery hub increased by 0.987 million barrels. Refinery crude runs edged higher as well, rising by 0.034 million barrels per day. Gasoline inventories fell by 2.952 million barrels, a much larger drop than the anticipated 0.4 million-barrel decrease. Distillate stockpiles—which include diesel and heating oil—climbed by 1.675 million barrels, defying forecasts for a 1.2 million-barrel decline. Meanwhile, net US crude imports rose by 0.837 million barrels per day.