FX.co ★ US Crude Inventories Fall the Most in 5 Weeks

US crude oil inventories declined by 3.186 million barrels in the week ended October 2nd, marking the largest drawdown in five weeks. This contrasted sharply with market expectations for a 1.7 million-barrel build and followed a 0.922 million-barrel increase in the previous week.

Stockpiles at the Cushing, Oklahoma, delivery hub rose by 0.444 million barrels, extending the prior week’s 0.553 million-barrel increase.

Refinery crude runs increased by 0.223 million barrels per day, the biggest weekly gain in ten weeks.

Gasoline inventories climbed by 0.382 million barrels, defying forecasts that had called for a 1.7 million-barrel decline.

Distillate stockpiles — which include diesel and heating oil — edged down by 0.042 million barrels, a smaller draw than the anticipated 2.1 million-barrel decrease.

Net US crude imports fell by 0.053 million barrels per day.