EIA: US crude stocks post surprise 3.2 million barrel draw as exports surge
Stocks held 1% above their five-year average, leaving the broader crude cushion intact despite the surprise pull.
US commercial crude inventories fell 3.2 million barrels to 424.1 million barrels in the week ended October 2, the EIA said, defying a Reuters poll calling for a 1.7 million-barrel build—a swing of nearly 5 million barrels against consensus. Stocks held 1% above their five-year average, leaving the broader crude cushion intact despite the surprise pull.
Crude exports jumped 1.2 million barrels a day to 4.77 million bpd, outpacing a 1.14 million bpd rebound in imports to 6.84 million bpd and trimming net imports by 53,000 bpd. Outbound shipments did the heavy lifting on the trade ledger, draining coastal tanks and driving the headline deficit.
Refinery throughput rose 223,000 barrels a day as utilisation nudged up 0.2 percentage points to 92.7%. Domestic crude production edged up just 24,000 bpd to 13.98 million bpd, leaving the draw entirely a function of active processing and offshore clearance rather than wellhead restraint.
Product markets diverged from the crude headline. Motor gasoline inventories rose 382,000 barrels to 204.7 million barrels against expectations for a 1.7 million-barrel draw, though Gulf Coast stocks lingered at September 2017 lows. Distillate stocks were virtually flat at 105.1 million barrels, missing calls for a 2.1 million-barrel drop.
Cushing stocks edged up 444,000 barrels to 24.7 million barrels, tracking a modest build at the primary inland delivery hub. With Hurricane Isaias tracking toward Northern Gulf Coast refining and export corridors, the headline pull reflects tactical pre-storm cargo clearing and high run rates ahead of weather disruptions rather than structural demand recovery.
Written by: Aiman Haikal