Crude oil inventories in the United States fell by 900,000 barrels in the week ending October 30, according to data from the U.S. Energy Information Administration (EIA) released on Wednesday. Commercial stockpiles now stand at 409.8 million barrels, which is 4% below the five-year average for this time of year, according to the EIA data cited by Oilprice.com.
Total commercial petroleum inventories declined by 8.2 million barrels over the reporting period. The EIA release followed figures from the American Petroleum Institute (API), published a day earlier, which showed that crude oil inventories had fallen by 5.267 million barrels in the same period. Crude futures were trading lower on Wednesday morning in New York.
Brent futures were quoted at $100.71 per barrel, down $2.89 (-2.79%) on the day and down roughly $15 per barrel from the same time the previous week. WTI was trading at $93.30 per barrel, down $2.79 (-2.90%) on the day and down nearly $9 per barrel from the same time last week. In refined products, the EIA reported that total motor gasoline inventories decreased by 200,000 barrels, after growing by 3.9 million barrels in the prior week.
Average daily gasoline production rose to 9.7 million barrels. Middle distillate inventories fell by 3.6 million barrels, with production decreasing to an average of 5.2 million barrels per day. Distillate inventories are now 13% below the five-year average.
U.S. oil demand, measured by total products supplied, averaged 21.2 million barrels per day over the last four weeks, up 4.2% compared with the same period last year. Gasoline demand averaged 8.6 million barrels per day over the same four-week period, while the distillate four-week average was 4.2 million barrels per day, up 8.7% year over year. Source: Oilprice.com, citing data from the U.S.
Energy Information Administration (EIA) and the American Petroleum Institute (API). Article by Julianne Geiger, published November 4, 2026.
Source: oilprice.com