U.S. Crude Inventories Fall 1.9 Million Barrels as Gasoline Stockpiles Rise

U.S. commercial crude oil inventories fell by 1.9 million barrels in the week ended October 23, extending a month-long decline, even as gasoline stockpiles increased sharply, according to government figures released Wednesday. The split between crude and refined fuels offered a mixed picture of supply across the petroleum market.

The Energy Information Administration reported 410.6 million barrels of commercial crude in storage, 4% below the five-year average for this time of year. Gasoline inventories rose by 3.9 million barrels to 209.2 million, while distillate supplies, which include diesel and heating oil, fell by 1.5 million barrels.

The figures come from the EIA’s Weekly Petroleum Status Report, released October 28. They describe separate parts of the supply chain: crude oil awaiting processing, gasoline held in storage and other products already refined. A draw in one category does not necessarily imply that inventories of every fuel are tightening.

Crude Stocks Decline for a Fourth Straight Week

Commercial crude stocks were down 1.892 million barrels from the previous week’s 412.517 million, based on the EIA’s more precise underlying data. It was the fourth consecutive weekly decline. Since the week ended September 25, commercial inventories have dropped from 427.3 million barrels to 410.6 million, a reduction of nearly 16.7 million barrels.

The decline was not evenly distributed. Gulf Coast crude inventories decreased by about 1.5 million barrels to 227.8 million, and West Coast stocks also fell by roughly 1.5 million barrels, to 42.0 million. Rocky Mountain inventories moved the other way, increasing by about 1.4 million barrels. Those regional differences matter because crude stored near ports, refineries and inland delivery hubs is not interchangeable without transportation.

At Cushing, Oklahoma, crude inventories fell by 624,000 barrels to about 27.0 million. Cushing is the designated delivery point for New York Mercantile Exchange crude oil futures, giving changes there particular relevance to the U.S. benchmark market. Its inventory movement is included within the broader regional figures, rather than being an additional national decline.

Compared with the corresponding week of 2025, commercial crude stocks were about 5.3 million barrels lower, or 1.3%. The EIA’s separate comparison with the five-year seasonal average showed a wider 4% shortfall. These measures answer different questions: one compares a single year, while the other places the current stock level against several years of inventory patterns.

The headline number excludes oil held in the Strategic Petroleum Reserve. That reserve contained approximately 282.6 million barrels at the end of the week, down about 100,000 barrels. Mixing reserve stocks with privately held commercial inventories would obscure the 1.9 million-barrel commercial draw cited in the report.

Gasoline Build Centers on Gulf and East Coasts

Gasoline supplies rose by 3.870 million barrels, reversing the direction of the latest crude inventory movement. Most of the increase came from two regions: Gulf Coast stocks rose by about 2.7 million barrels and East Coast stocks by 2.3 million. The Midwest recorded a 1.2 million-barrel decline, partly offsetting those gains.

A closer look at the gasoline category shows that blending components accounted for approximately 3.5 million barrels of the national increase. Stocks of finished motor gasoline rose by a smaller 390,000 barrels. Blending components are materials used to make gasoline that meets final fuel specifications, so the overall inventory measure includes more than gasoline already ready for sale at the pump.

The build did not put gasoline stocks above their usual seasonal range. EIA estimated inventories remained 2% below the five-year average, and the total was slightly below the roughly 210.7 million barrels recorded in the comparable week last year. A sizable one-week increase therefore does not, by itself, establish that the gasoline market has an unusually large supply cushion.

Distillate inventories pointed in the opposite direction, falling by 1.462 million barrels to 102.824 million. Supplies were 10% below their five-year seasonal average and about 8.3% lower than a year earlier. Distillates serve freight transport, industrial users and heating markets, so their lower inventories are a separate concern from the gasoline build as colder months approach.

Across all commercial petroleum products and crude oil, excluding the Strategic Petroleum Reserve, inventories fell by approximately 3.0 million barrels to 1.213 billion. That broader decline occurred despite the increase in gasoline storage. Other categories contributed to the draw, including distillates and the EIA’s grouping of other oils, which decreased by about 2.7 million barrels.

Refinery Activity and Fuel-Demand Measures

U.S. refineries processed an average of 16.5 million barrels of crude a day, 123,000 barrels a day less than in the previous week. Refinery utilization stood at 92.8% of capacity. Gasoline production averaged 9.2 million barrels a day, and distillate output averaged 5.2 million.

Crude imports moved higher even as commercial stocks fell. The United States imported an average of 6.4 million barrels a day, up 616,000 barrels a day from the prior week. For the past four weeks, imports averaged 6.3 million barrels a day, 9.3% above the year-earlier level. The simultaneous rise in incoming oil and decline in inventories illustrates why import data alone cannot explain the change in stored crude; refinery processing and other supply movements also affect the balance.

The EIA’s four-week measure of total petroleum products supplied averaged 20.8 million barrels a day, up 0.2% from the same period last year. Gasoline product supplied averaged 8.6 million barrels a day, down 0.7% year over year, while the comparable distillate figure was 4.0 million barrels a day, down 0.6%. Jet fuel product supplied was 3.5% lower on the same four-week comparison.

Product supplied is a proxy for consumption, not a direct count of purchases by drivers or other final users. The measure tracks fuel leaving the primary distribution system, and EIA cautions that weekly readings can swing because of reporting and shipping timing. The agency recommends four-week averages when assessing underlying demand, rather than treating a single weekly movement as proof of a sustained change in fuel use.

The next EIA report is scheduled for Wednesday, November 4, and will cover the week ending October 30. It will provide another reading on whether the gasoline build persists, particularly on the Gulf and East Coasts, and whether commercial crude stocks continue their four-week decline.