The TWIP is out (emphasis added):

Summary of Weekly Petroleum Data for the Week Ending October 26, 2007

U.S. crude oil refinery inputs averaged 14.9 million barrels per day during the week ending October 26, down 13,000 barrels per day from the previous week’s average. Refineries operated at 86.2 percent of their operable capacity last week. Gasoline production fell compared to the previous week, averaging 8.9 million barrels per day. Distillate fuel production rose last week, averaging 4.1 million barrels per day.

U.S. crude oil imports averaged nearly 9.4 million barrels per day last week, up 278,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 9.7 million barrels per day, or 481,000 barrels per day less than averaged over the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,238,000 barrels per day. Distillate fuel imports averaged 325,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by 3.9 million barrels compared to the previous week. At 312.7 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories increased by 1.3 million barrels last week, and are in the lower half of the average range. Both finished gasoline inventories and gasoline blending components rose last week. Distillate fuel inventories increased by 0.8 million barrels, and are at the upper limit of the average range for this time of year. Propane/propylene inventories increased 0.9 million barrels last week. Total commercial petroleum inventories decreased by 1.1million barrels last week, but are in the upper half of the average range for this time of year.

Total products supplied over the last four-week period has averaged 20.7 million barrels per day, down by 0.1 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged nearly 9.3 million barrels per day, or 0.3 percent above the same period last year. Distillate fuel demand has averaged nearly 4.3 million barrels per day over the last four weeks, down 0.7 percent compared to the same period last year. Jet fuel demand is down 2.7 percent over the last four weeks compared to the same four-week period last year.

The tables that follow display the latest U.S. Petroleum Balance Sheet and the most recent 4 weeks of Weekly Petroleum Status Report data.

[Follow link for the data tables.]

Gasoline stocks being up is the big news here–they’ve been uncomfortably low for months, so a 1.3 million barrel stock build is Good News, even if it appears to have come from imports and not domestic refining operations.

I suspect that the 3.9 million barrel drop in US oil stocks will get the most attention, especially if the Fed cuts interest rates again later today, as is widely expected. (In the simplest terms possible: Lower interest rates = more economic activity = more oil consumption.)