Key facts
- U.S. crude inventories fell by 8.6 million barrels in the week ended Oct. 9.
- The draw was significantly larger than the expected 288,000 barrels.
- Distillate stocks decreased by 2.5 million barrels.
- Gasoline inventories increased by 3.5 million barrels.
November WTI crude oil futures saw a significant rally for the week ending Thursday, driven by a larger-than-expected draw in U.S. crude inventories. The U.S. Energy Information Administration reported a decrease of 8.6 million barrels in crude stocks for the week ended October 9, far exceeding the 288,000-barrel draw anticipated by traders. This substantial draw pushed WTI futures up $5.92, or 6.46%, to $97.58 a barrel by Thursday night. While distillate stocks also fell by 2.5 million barrels, a build of 3.5 million barrels in gasoline inventories tempered the report's overall bullishness. The market has also been influenced by ongoing concerns over tanker attacks near the Strait of Hormuz and renewed assaults on Russian refineries.