U.S. Crude Inventories Fall 6.9 Million Barrels

The U.S. Energy Information Administration reported commercial crude inventories fell about 6.9 million barrels in the week ended Oct. 24 to roughly 416 million barrels, about 6% below the five‑year average and much larger than analysts expected. The Strategic Petroleum Reserve rose by roughly 0.5 million barrels to about 409.1 million, while stocks at the Cushing, Oklahoma delivery hub increased by about 1.3 million barrels. Refinery runs and utilization eased (crude input down about 511,000 bpd; utilization 86.6%), and net imports declined as exports rose, contributing to the draw. Motor gasoline inventories fell about 5.9 million barrels to 210.7 million (around 3% below the five‑year average) and distillate stocks dropped roughly 3.4 million barrels to about 112.2 million (near 8% below the five‑year average). Private API data earlier signaled a notable draw (about 4.0 million barrels) and markets showed mixed price reactions; U.S. crude production remained around 13.6 million barrels per day.