US commercial crude oil inventories fell by 1.9 million barrels in the week ending October 23, according to data from the U.S. Energy Information Administration (EIA) released on Wednesday. The draw brought commercial stockpiles to 410.6 million barrels, which the EIA data shows to be 4% below the five-year average for this time of year.
The EIA release followed American Petroleum Institute (API) figures published a day earlier, which reported that crude oil inventories had fallen by 2.031 million barrels over the same period. Crude futures were trading higher on Wednesday morning, as of 10:26 a.m. New York time.
Brent futures were trading at $115.61 per barrel, up $1.73 (+1.52%) on the day and roughly $7 per barrel above the same time a week earlier. WTI was also higher on the day, up $2.51 per barrel (+2.51%) at $102.41, and nearly $5 per barrel above its level a week earlier. In refined products, the EIA reported that total motor gasoline inventories increased by 3.9 million barrels, following a 3 million barrel decline in the prior week.
Average daily gasoline production fell to 9.2 million barrels. Middle distillate inventories decreased by 1.5 million barrels, with production declining to an average of 5.2 million barrels per day. Distillate inventories are now 10% below the five-year average.
On the demand side, total products supplied, which the article uses as a proxy for US oil demand, averaged 20.8 million barrels per day over the last four weeks, up 0.2% from the same period a year earlier. Gasoline demand averaged 8.6 million barrels per day over the last four weeks. The distillate four-week average supplied stood at 4.0 million barrels per day, down 0.6% year over year.
Source: Julianne Geiger, Oilprice.com, citing EIA weekly petroleum data and API inventory figures. Published October 28, 2026.
Source: oilprice.com