The U.S. Energy Information Administration reported a decline in crude oil inventories for the week ending October 23, with stockpiles dropping by 1.9 million barrels to reach 410.6 million barrels total. This reduction brought commercial supplies to levels 4% below historical averages for the corresponding period, aligning with findings from the American Petroleum Institute, which had documented a similar 2.031 million barrel decrease the previous day.
Crude oil prices moved higher following the inventory data release, with Brent futures trading at $115.61 per barrel, up $1.73 or 1.52% on the day and approximately $7 higher than the same point the previous week. West Texas Intermediate crude also climbed, gaining $2.51 per barrel or 2.51% to reach $102.41, representing a nearly $5 increase since the prior week.
Gasoline inventory figures showed an increase of 3.9 million barrels following a prior week decline of 3 million barrels. Daily gasoline production fell to 9.2 million barrels. Middle distillate inventories contracted by 1.5 million barrels, with production averaging 5.2 million barrels daily, placing distillate stocks 10% below the five-year average.
Oil demand metrics showed total products supplied averaged 20.8 million barrels per day over the most recent four-week period, up 0.2% compared to the equivalent timeframe in the prior year. Gasoline demand maintained an average of 8.6 million barrels daily, while the distillate four-week average stood at 4.0 million barrels, representing a 0.6% year-over-year decrease.
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