US crude oil inventories declined by 11.12 million barrels in the week ending October 9th, sharply contrasting with expectations for a 1.9 million-barrel build and representing the largest draw since late January. This follows a decrease of 2.09 million barrels in the previous week.
At the same time, inventories at the Cushing, Oklahoma delivery hub increased by 1.82 million barrels, extending the prior week’s gain of 866,000 barrels.
Gasoline stocks rose by 1.1 million barrels in the week ending October 7th, while distillate inventories fell by 1.5 million barrels.
US crude oil production edged higher to 13.98 million barrels per day in the week ending October 2nd, up from 13.95 million barrels per day the previous week.