Why it matters
- U.S. commercial crude inventories fell 8.6 million barrels to 415.6 million in the week ending Oct. 9, the Energy Information Administration said Thursday. Analysts in a Reuters poll had expected a draw of 288,000 barrels.
- It was the largest weekly crude draw since the week ending Feb. 13, and stocks are the lowest since the week ending July 31, EIA weekly data show.
- WTI futures settled up $2.88, or 3.03%, at $97.97 a barrel on Thursday, while Brent slipped 14 cents to $105.92, Reuters reported.
Analysis: this piece includes our interpretation of the facts reported.
U.S. commercial crude oil inventories fell 8.6 million barrels to 415.6 million barrels in the week ending Oct. 9, the U.S. Energy Information Administration said Thursday, Oct. 15, in a weekly report that came a day later than its usual Wednesday release. U.S. crude futures settled 3% higher, helped by the draw, while Brent was little changed, Reuters reported.
How much did U.S. crude inventories fall?
Commercial crude stocks, which exclude the Strategic Petroleum Reserve, dropped 8.557 million barrels, EIA data show. Analysts had expected a draw of only 288,000 barrels, according to a Reuters poll. It was the largest weekly draw since the week ending Feb. 13, when stocks fell 9.0 million barrels, and the lowest level since the week ending July 31.
Gasoline stocks rose 3.5 million barrels, the biggest build since the week ending Jan. 16. Distillate stocks, which include diesel and heating oil, fell 2.5 million barrels to the lowest since the week ending June 5.
| Measure, week ending Oct. 9 | Latest | Change on week | Year earlier |
|---|---|---|---|
| Commercial crude stocks | 415.6 million bbl | -8.6 million | 423.8 million |
| Cushing, Okla., crude stocks | 26.6 million bbl | +1.9 million | 22.0 million |
| Gasoline stocks | 208.3 million bbl | +3.5 million | 218.8 million |
| Distillate stocks | 102.6 million bbl | -2.5 million | 117.0 million |
| Refinery utilization | 93.5% | +0.8 point | n/a |
| Crude imports | 6.05 million b/d | -791,000 b/d | 5.53 million b/d |
| Crude exports | 4.57 million b/d | -195,000 b/d | 4.47 million b/d |
| Crude production | 13.68 million b/d | -300,000 b/d | 13.64 million b/d |
Source: EIA Weekly Petroleum Status Report and weekly supply estimates.
The Strategic Petroleum Reserve held 283.0 million barrels, unchanged on the week and down from 407.7 million a year earlier, the EIA said.
What drove the draw?
Lower imports and output did much of the work. Crude imports fell 791,000 barrels a day, and domestic production fell 300,000 barrels a day, while refiners ran 16.6 million barrels a day of crude, up 135,000. Refinery utilization rose to 93.5% from 92.7%, though it remains below the 97.8% of the week ending Sept. 4.
Demand signals were mixed. Distillate product supplied, a proxy for demand, jumped 673,000 barrels a day to 4.32 million, while gasoline product supplied fell 362,000 barrels a day to 8.41 million, EIA data show.
Exports of products fell 699,000 barrels a day. Jet fuel exports eased to 292,000 barrels a day from 327,000, extending the cooling we tracked in our U.S. jet fuel exports analysis.
How did oil prices react?
U.S. crude rallied; the global benchmark did not. West Texas Intermediate futures settled up $2.88, or 3.03%, at $97.97 a barrel, "after a large US crude stock draw helped support prices," Reuters reported. Brent settled down 14 cents, or 0.13%, at $105.92. That narrowed Brent's premium over WTI to $7.95 from $10.97 on Wednesday, based on those settlements.
Reuters said Brent was held back as investors weighed possible U.S. steps to ease restrictions on the "shadow fleet" of tankers, while attacks on ships near the Strait of Hormuz kept a risk premium in prices. The International Energy Agency agreed Thursday to release more than 20 million barrels of diesel, Reuters reported.
Live oil, gold and currency levels are on our world markets page. For last week's moves, see our global markets week in review.
Sources
- U.S. Energy Information Administration, Weekly Petroleum Status Report, data for week ending Oct. 9, 2026, including Table 1 and Table 4, released Oct. 15, 2026
- U.S. Energy Information Administration, Weekly Supply Estimates, accessed Oct. 15, 2026
- U.S. Energy Information Administration, weekly history for commercial crude stocks, gasoline stocks, distillate stocks and refinery utilization, accessed Oct. 15, 2026
- Reuters via Yahoo Finance, Brent steady as US weighs easing sanctions on global 'shadow fleet', Oct. 15, 2026