US fuel stocks drop 8.2 million barrels as distillates run 13% low

What happened. The US Energy Information Administration (EIA) released its weekly oil and fuel report for the week to October 30. Commercial crude stocks, excluding the Strategic Petroleum Reserve, fell 0.9 million barrels to 409.8 million. That is 4% below the five-year average for this time of year.

Fuels. Gasoline stocks fell 0.2 million barrels and are 2% below the five-year average. Distillate stocks, meaning diesel and heating oil, fell 3.6 million barrels and are 13% below normal. Propane is 10% above normal. In total, commercial oil and fuel stocks fell 8.2 million barrels in the week.

Demand. Over four weeks the US used an average of 21.2 million barrels a day, 4.2% more than a year ago. Distillate demand rose 8.7% to 4.2 million barrels a day. Gasoline was down 0.4% at 8.6 million barrels a day. Jet fuel was down 2.8%.

Refineries and imports. Refineries processed 16.7 million barrels a day, 199,000 more than the week before, at 94.5% utilization. Crude imports were almost flat at 6.4 million barrels a day.

Prices. Per OilPrice.com, on the morning of November 4 in New York, Brent was near $100.71 a barrel, down 2.8% on the day, and WTI near $93.30. The EIA report itself does not explain that day's price move, so we do not link the drop to the stock data.

What we don't know. Whether diesel stocks keep falling into winter. How fast refineries can raise distillate output. How stocks change if demand abroad stays high.

已确认的事实

• US commercial crude stocks excluding the SPR fell 0.9 million barrels to 409.8 million, 4% below the five-year average.^[1][3]
• Gasoline stocks fell 0.2 million barrels (2% below normal) and distillates 3.6 million (13% below normal).^[1][3]
• Total commercial oil and fuel stocks fell 8.2 million barrels in the week.^[1][3]
• Four-week demand averaged 21.2 million barrels a day, up 4.2% year over year. Distillates up 8.7%, gasoline down 0.4%, jet fuel down 2.8%.^[1]
• Refineries processed 16.7 million barrels a day at 94.5% utilization, and crude imports were 6.4 million barrels a day.^[1]
• On the morning of November 4, Brent was near $100.71 a barrel and WTI near $93.30.^[3]

影响

• 已确认Diesel and heating oil stocks are well below normal heading into winter.
• 已确认US fuel demand is running above last year.
• 我们的解读With a thin cushion, diesel prices may react more to news. That is our reading.

仍未知

• Whether diesel stocks keep falling into winter
• How fast refineries raise distillate output
• What happens to demand from abroad

影响到谁

USA, Global. People who follow oil and fuel, drivers and businesses with diesel costs, energy investors

来源

1. U.S. Energy Information Administration: Weekly Petroleum Status Report summary, week ending October 30, 2026 2026年11月4日 · 官方
2. U.S. Energy Information Administration: Weekly Petroleum Status Report 2026年11月4日 · 官方
3. OilPrice.com: US Oil Inventories Fall Further As Demand Holds 2026年11月4日 · 媒体