Total commercial petroleum stocks decreased by 13.4 million barrels, the biggest weekly drop since April, while distillate inventories fell to a modern era October low of 102.6 million barrels. The shortage was driven by a 790,000 bpd drop in imports and production losses of 300,000 bpd caused by Hurricane Isaias. Gasoline reserves rose by 3.518 million barrels, and the Strategic Petroleum Reserve remained unchanged at 283 million barrels. WTI futures now sit at their highest level since Sept. 21.
Tuesday, October 20, 2026
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WTI Crude Hits $97.97 After Largest Petroleum Draw Since April
Commodities5 days ago
US energy markets responded with a sharp rally on Thursday to a surprise decline in domestic oil reserves. November contracts for West Texas Intermediate crude on the NYMEX rose 3.03% to settle at $97.97 per barrel, gaining $2.88 in a single session after data showed US crude inventories fell 8.557 million barrels for the week ending Oct. 9. This draw contradicted expectations of a 150,000 barrel increase and represents the largest weekly crude drop since the start of the war, according to some market analysts.
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