FX.co ★ US Crude Inventories Fall the Most in 8 Months

US crude oil inventories declined by 8.557 million barrels in the week ended October 9, the largest weekly drop since February and far exceeding market expectations for a 0.3 million-barrel draw. In contrast, crude stocks at the Cushing, Oklahoma, delivery hub increased by 1.862 million barrels. Refinery crude runs edged higher as well, rising by 0.135 million barrels per day. Gasoline inventories climbed by 3.518 million barrels, defying forecasts for a 0.5 million-barrel decrease. Distillate stockpiles, which include diesel and heating oil, fell by 2.527 million barrels, a larger-than-expected draw compared with projections of 1.6 million barrels. Meanwhile, net US crude imports declined by 0.596 million barrels per day.