Highlights
A giant 5.2 million barrel draw in gasoline stocks during the Oct. 9 week, together with a long-awaited draw in distillates of 1.1 million barrels, made for an immediate $1 spike in oil prices to $76. These draws far overshadow builds in crude of both 0.4 million barrels overall and at the WTI delivery point in Cushing, Oklahoma. The big draws in products reflect decreased output, with refineries operating at only 80.9 percent of capacity vs. 85.0 percent in the prior week, and improving levels of gasoline demand, up 5.3 percent year-on-year. Seventy-six dollars will raise talk that oil is breaking out of its long-held range topped at $75.