U.S. oil inventories fall, with a larger draw in distillates
Crude stocks slip to 409.8 million barrels as diesel and heating-oil supplies drop more sharply.
U.S. commercial crude oil inventories fell by 865,000 barrels to 409.8 million barrels in the week ended October 30, according to Energy Information Administration data released Wednesday.
The larger decline was in distillates, a category that includes diesel and heating oil. Those stockpiles fell by 3.6 million barrels to 99.3 million. Gasoline inventories also declined, by about 200,000 barrels to 209 million.
The figures show why the crude headline is only one part of the weekly supply picture. Crude is the raw material; gasoline and distillates are finished fuels. A modest change in crude storage can sit alongside a much larger move in a particular fuel category.
The report does not, by itself, establish a lasting change in demand. Weekly stocks reflect the balance of production, imports, exports and refinery activity. One week's draw is a useful supply snapshot, not a complete explanation for oil prices.
For the next reports, the question is whether the decline in finished-fuel inventories continues or reverses. That distinction matters more than treating every crude draw as the same signal.
