US Oil Inventories Fall Again As Prices Rise

By Julianne Geiger - Oct 28, 2026, 9:44 AM CDT Crude oil inventories in the United States saw a decrease of 1.9 million barrels during the week ending October 23, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 410.6 million barrels, according to government data, which is now 4% below the five-year average for this time of year.The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 2.031 million barrels in the period.Crude futures were trading up at 10:26 a.m. in New York. Brent futures were trading up at $115.61 per barrel—up $1.73 (+1.52%) on the day and up roughly $7 per barrel from this same time last week. WTI was also trading up on the day, by $2.51 per barrel (+2.51%) on Wednesday morning at $102.41, up nearly $5 per barrel since this time last week.For total motor gasoline, the EIA reported that inventories increased by 3.9 million barrels, after dipping 3 million barrels in the week prior. The most recent figures showed that average daily gasoline production sank to 9.2 million barrels. For middle distillates, inventories decreased by 1.5 million barrels, with production decreasing to an average of 5.2 million barrels daily. Distillate inventories are now 10% below the five-year average.Total products supplied—a proxy for U.S. oil demand—averaged 20.8 million barrels per day over the last four weeks, up 0.2% compared to the same period last year. Gasoline demand averaged 8.6 million barrels per day over the last four weeks, with the distillate four-week average supplied at 4.0 million barrels—down 0.6% year over year.By Julianne Geiger for Oilprice.comMore Top Reads From Oilprice.comIndia's Gasoline Demand Could Peak by 2035 as EVs Gain GroundBahri Profit Hits $1.36 Billion as the World Scrambles for TankersQatarEnergy Extends LNG Force Majeure to End of 2026 Download The Free Oilprice App Today Back to homepage