US crude inventories fell 3.06 million barrels to 412.5 million, and gasoline stocks fell 2.95 million to 205.3 million. Distillate inventories rose 1.68 million barrels to 104.3 million.
US crude inventories fell by 3.06 million barrels in the week ended October 16 to 412.5 million, compared with analysts’ expectations for an 820,000-barrel draw. Stocks at the Cushing, Oklahoma, delivery hub rose 987,000 barrels, while Gulf Coast crude stocks fell to their lowest level since January 2025.
Gasoline inventories fell by 2.95 million barrels to 205.3 million, versus expectations for a 443,000-barrel draw. Distillate stocks, including diesel and heating oil, rose by 1.68 million barrels to 104.3 million, compared with expectations for a 1.16 million-barrel decline. Diesel stocks rose by 1.3 million barrels.
Oil prices turned higher after the larger-than-expected crude draw. Net US crude imports rose by 837,000 barrels per day, while exports fell by 1.13 million bpd to 3.44 million bpd. Josh Young of Bison Interests said higher diesel inventories indicated less of a shortage than some had feared, while declining crude inventories elevated the risk of an oil price surge.
