Crude oil inventories for the latest week fell more than expected, sending crude oil inventories to their lowest levels of the year. While traders were expecting stockpiles to drop by 1.2 million barrels, the actual decline was much larger at 4.368 million barrels. This was the largest weekly decline since July 12. While inventories declined, as can be seen in the chart below, it is typical to see declines at this time of year.
Gasoline inventories also fell more than expected this week, declining by 1.627 million barrels compared to forecasts for an increase of 500,000. Here again, though, this week's decline is typical compared to seasonal tendencies at this time of year.