US crude oil inventories fell by 913,000 barrels to 463.8 million in the week ended April 10, countering market expectations for a 200,000-barrel build. Stocks at the Cushing, Oklahoma, delivery hub dropped by 1.7 million barrels, the largest weekly decline since January 2025.
Refining activity weakened over the period, with crude runs down by 208,000 barrels per day and utilization rates slipping 2.4 percentage points to 89.6%.
Product inventories also tightened. Gasoline stocks fell by 6.3 million barrels to 232.9 million, far outpacing forecasts for a 2.1-million-barrel draw. Distillate inventories—which include diesel and heating oil—declined by 3.1 million barrels to 111.6 million, exceeding expectations for a 2.4-million-barrel drop.
At the same time, net US crude imports fell sharply, declining by 2.11 million barrels per day, the largest reduction since September 2025.
