U.S. Crude Inventories Fell 3.1 Million Barrels in Week Ended Oct. 16

U.S. commercial crude inventories fell 3.1 million barrels in the week ended Oct. 16, a decline disclosed after Brent had already traded above $110 a barrel Wednesday morning.

Commercial stocks, excluding the Strategic Petroleum Reserve, stood at 412.5 million barrels. Gasoline inventories fell 3.0 million barrels, while distillate inventories rose 1.7 million barrels.

At 6:48 a.m. ET (10:48 UTC) Oct. 21, Brent futures were $110.85 a barrel, up 1.9% from Tuesday’s close. West Texas Intermediate futures were $99.95 a barrel, up 2.2%. Both prices were recorded before the inventory figures were released.

Middle East crude and condensate exports briefly reached prewar levels in the weeks before Oct. 7. Moving oil remained costly in early October, when average global crude tanker earnings exceeded $500,000 a day, about 10 times their 2025 average. The temporary export recovery does not establish how much oil was moving on Oct. 21.

In 2024, roughly one-fifth of global petroleum liquids consumption passed through the Strait of Hormuz, averaging about 20 million barrels per day.

The inventory figures add a U.S. supply update following Brent’s earlier move to $110. If energy costs stay elevated, they could add to inflation and interest-rate pressures, part of the broader backdrop for risk-sensitive assets such as Bitcoin (BTC).