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U.S. crude oil inventories saw a decline last week as imports fell and production held steady, according to the latest data from the U.S. Energy Information Administration (EIA). Commercial crude stocks, excluding the Strategic Petroleum Reserve (SPR), dropped by 515,000 barrels to 425.5 million barrels for the week ending October 25, about 4% below the seasonal five-year average. Analysts had anticipated a 1 million-barrel increase.
The report also indicated a rise in oil stored within the SPR, which climbed by 1.2 million barrels to 385.8 million. Meanwhile, stocks at Cushing, Oklahoma, the main delivery hub for crude futures, rose by 681,000 barrels to a total of 25.4 million barrels. Refinery utilization saw a minor decrease, dipping 0.4 percentage points to 89.1%.
Production levels held firm at a record 13.5 million barrels per day for the third consecutive week. Imports of crude oil fell by 456,000 barrels per day to a rate of 6 million barrels per day, while exports increased by 149,000 barrels to 4.3 million barrels daily. This balance of steady production with lower imports has helped to tighten overall inventory levels.
Gasoline inventories dropped significantly, falling by 2.7 million barrels to 210.9 million, which is 3% below the seasonal five-year average. Demand for gasoline increased by 321,000 barrels per day, reaching 9.2 million barrels per day, while distillate stocks fell by 977,000 barrels to 112.9 million barrels, reflecting a 9% reduction from the five-year average.
The EIA report also highlighted shifts in distillate demand, which decreased by 250,000 barrels per day to 3.9 million barrels per day. Analysts are monitoring these indicators closely as they reflect market demand and potential impacts on future crude oil prices and availability.
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