U.S. commercial crude supplies tightened again. The American Petroleum Institute (API) estimated that crude oil inventories fell by 5.267 million barrels in the week ending October 30, after a 2.031 million barrel drop the week before, OilPrice.com reported. According to API data, commercial stocks excluding the Strategic Petroleum Reserve (SPR) have lost more than 64 million barrels over the last 29 weeks and about 12 million barrels so far this year. Earlier coverage looked at U.S. crude supply reaching a 45-year low relative to demand.
The report said 400,000 barrels left the SPR during the week to aid commercial inventories, bringing the reserve to 282.2 million barrels, or 432 million barrels below maximum capacity. The article noted that SPR draws have helped keep the commercial decline in check. U.S. production for the week ending October 23 rose to 13.992 million barrels per day, up from 13.269 million the week before and 348,000 barrels per day above a year earlier. We also covered the EIA’s higher 2026 crude output forecast.
Other inventory categories were mixed. Gasoline stocks rose by 1.427 million barrels, distillate stocks fell by 270,000 barrels, and inventories at the Cushing delivery hub gained 511,000 barrels after a 453,000-barrel loss the prior week.
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