The American Petroleum Institute estimated that United States crude oil inventories fell by 2.031 million barrels in the week ended October 23, a second consecutive draw after the prior week 4.931 million barrel decline. The result was against expectations for a build, about 522,000 barrels in one poll and about 15,000 barrels in the Reuters poll of analysts, so the direction, not the exact consensus, is the surprise.
Products moved the other way. Gasoline inventories rose by 2.39 million barrels and distillate inventories rose by about 380,000 to 420,000 barrels across the reports read, while stocks at Cushing, the WTI delivery hub, fell by 453,000 barrels after gaining about 900,000 barrels the previous week. Distillate stocks were already 9 percent below the five year average heading into the period, on the latest EIA data cited by OilPrice, so even a small build leaves diesel tight.
The split matters for how the draw is read. A crude draw with a gasoline build is not a clean tightening signal: it can reflect crude being run or exported while finished product demand absorbs less than refiners produce. Reuters noted the same API figures in its Wednesday oil report while prices rose on the Saudi refinery attack claim, which means the inventory leg was supportive, not decisive, in today session. The EIA official report later today is the confirmation step.