U.S. Crude Oil Inventories Fall by 1M Bpd

The U.S. Energy Information Administration (EIA) reported that commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), fell by 0.9 million barrels to 409.8 million barrels as of October 30. This marks a 0.2 percent weekly decline and a 2.7 percent annual decrease. The report also noted that total petroleum stocks, including various fuel types, dropped by 8.6 million barrels week on week. The decline in crude oil stocks was accompanied by a decrease in gasoline and distillate inventories, while propane/propylene stocks saw a smaller draw. U.S. refineries processed 16.7 million barrels per day, up slightly from the previous week, with refinery utilization at 94.5 percent. Crude oil imports decreased slightly to 6.4 million barrels per day, while gasoline and distillate imports remained steady. Analysts at Saxo Bank highlighted that the drop in distillate stocks pushed total petroleum stocks below 100 million barrels for the first time since 2003, signaling a potential shift in market dynamics. Meanwhile, Macquarie strategists projected an increase in U.S. crude inventories for the week ending October 30, citing tighter balances and expected changes in supply and demand.