U.S. crude oil inventories post fourth straight weekly draw

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U.S. crude oil inventories decreased 1.9M barrels to 410.6M, marking a fourth weekly draw and standing about 4% below the five-year average.

U.S. commercial crude oil inventories totaled 410.6 million barrels after a weekly draw of 1.9 million barrels, according to a November 1, 2026, report from Oklahoma Energy Today citing U.S. Energy Information Administration data. This was the fourth successive week of inventory reductions. National stocks stood approximately 4% below the five-year average for the season, providing context for how the latest commercial storage total compared with typical levels for this time of year.

The national change was accompanied by a weekly reduction at the Cushing Hub in northern Oklahoma, a key location for daily West Texas Intermediate crude pricing. Cushing held 26.97 million barrels in the week ended October 23, compared with 27.594 million barrels on October 16, a difference of 624,000 barrels.

Cushing’s latest total nevertheless remained above its earlier September readings. Inventories had measured 21.824 million barrels at the start of September and 23.748 million barrels by midmonth, reflecting a period of rebuilding before the latest weekly adjustment.

Source: Oklahoma Energy Today
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