US crude and distillate inventories fell in the week ended October 23 while gasoline stocks rose, the Energy Information Administration said on Wednesday, confirming the direction of Tuesday’s industry estimate on crude and overturning it on distillate.
Crude stocks fell 1.9 million barrels to 410.6 million barrels, against analysts’ expectations in a Reuters poll for a 15,000 barrel rise, and now sit 4 percent below the five year average. Stocks at Cushing, Oklahoma fell 624,000 barrels, and Gulf Coast inventories fell to their lowest since December 2024. Net crude imports fell 796,000 barrels a day while exports rose 1.4 million barrels a day to 4.85 million barrels a day, a figure Kpler analysts questioned, saying observed loadings were about 1 million barrels a day lower than the EIA reported.
Gasoline inventories rose 3.9 million barrels to 209.2 million barrels, against expectations for a 0.9 million barrel draw, as refinery runs fell 123,000 barrels a day and utilisation eased 0.6 points to 92.8 percent. Distillate stocks, which include diesel and heating oil, fell 1.5 million barrels to 102.8 million barrels and stand 10 percent below the five year average.
The split is the story. Crude and gasoline say supply is adequate; distillate, the fuel the war has made scarce, keeps drawing. TradeStation’s David Russell said falling distillate inventories imply diesel stocks remain well below seasonal norms, giving little hope for price relief in the near term. Total products supplied averaged 20.8 million barrels a day over the last four weeks, up 0.2 percent on a year earlier.