API: Crude Stocks Fall; Gasoline, Distillates Drop More

DAVENPORT, FL (DTN) – U.S. crude oil inventories declined for a second straight week during the week ended October 25, with gasoline and distillate fuel stocks posting sharper draws, the American Petroleum Institute reported on Tuesday (10/28).

U.S. commercial crude oil supply fell by a net 4 million bbl last week, following a 2.98 million bbl decrease the prior week.
This was despite inventories at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, rising by 1.7 million bbl, following a 1.15 million bbl decline the previous week, according to API.

Gasoline inventories dropped by 6.3 million bbl in the week ending October 25, compared with a 1.25 million bbl draw the previous week.
Distillate fuel stocks also fell, declining by 4.4 million bbl after a 1.82 million bbl decrease the prior week.