Spurs trailed to a Shane Long goal after just 12 minutes at the KC Stadium and did not create much in the first half, despite dominating possession.
They applied more pressure after the interval and equalised through Paulinho after 61 minutes, but Sherwood felt his side should have gone on to win the game.
While the result dents Tottenham's chances of a top-four finish, Sherwood was still satisfied with the way they played and also recognised that Hull had battled hard
He told Sky Sports: "We thought we should have won the game.
"There was a period in the second half where we had Hull where we wanted them and we could have taken maximum points, but we didn't take our chances and unfortunately we are only coming away with a point.
"But you have to give Hull credit. They dug in, they are fighting for their lives at the bottom of the league, and everyone has their needs."
Reflecting on Long's early goal for the home side, Sherwood added: "It was bitterly disappointing but I wasn't panicking at that stage. I thought it would be tight and we could work it out in the end, and I thought we played well today.
"You need to create chances and I thought we created a lot more in the second half. We caught them a few times and stretched them, but we never took our chances and we are only coming away with a point
"But the pleasing thing is that, if we weren't going to win, we definitely weren't going to lose."