U.S. Crude Oil Inventories Fall Fourth Straight Week
U.S. commercial crude oil inventories dropped by 1.9 million barrels to 410.6 million barrels, marking a fourth consecutive weekly decline.
The Energy Information Administration reported that U.S. commercial crude oil inventories fell by 1.9 million barrels to 410.6 million barrels for the week ending October 23. This represents the fourth consecutive weekly decline, leaving crude stocks 4% below the five-year average for this period. At the Nymex delivery hub in Cushing, Oklahoma, oil stocks specifically fell by 624,000 barrels.
While crude and distillate fuel stocks decreased, gasoline inventories rose by 3.9 million barrels to 209.2 million barrels. U.S. crude oil production recovered from previous storm-related shut-ins, increasing by 723,000 barrels a day to reach a total of 14 million barrels a day.
Trade activity saw an increase in both directions, with crude oil imports rising to 6.4 million barrels a day and exports increasing to 4.9 million barrels a day. Refinery utilization experienced a slight decrease, operating at 92.8% of capacity.
