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U.S. crude oil inventories declined last week, surprising analysts and highlighting shifting trade flows and refinery activity, The Wall Street Journal writes.
According to new data from the Energy Information Administration, commercial crude stocks fell by 2.3 million barrels to 423.8 million, leaving inventories about 3% below the five-year average for this time of year. Analysts had expected a modest increase.
The drawdown was driven largely by a sharp drop in imports and a rise in exports, underscoring how global demand and logistics are reshaping U.S. supply balances. Crude imports fell by more than 800,000 barrels per day, while exports climbed by roughly 900,000 barrels per day. U.S. crude production edged lower, and refinery utilization declined as plants ran at lower capacity.
Meanwhile, gasoline and distillate inventories posted modest increases, suggesting mixed signals across fuel markets. The data points to a tighter crude market even as downstream fuel supplies remain relatively comfortable—a dynamic that could influence prices and refining margins in coming weeks.
