Crude Oil Inventories Fall 1.9M Barrels a Fourth Week as Exports Drain Gulf Coast

US crude oil inventories fell for a fourth straight week, dropping 1.9 million barrels to 410.6 million for the week ended October 23, as record-scale exports kept pulling barrels out of the Gulf Coast, the Energy Information Administration reported Wednesday at 10:30 a.m. ET. Storage on the Gulf Coast, the country's main export and refining hub, is now at its lowest since December 2024, and distillate stocks are running 10 percent below their five-year seasonal average even as crude output clawed back to 14.0 million barrels a day after two weeks of storm shut-ins.

Key Takeaways Crude inventories fell 1.9 million barrels to 410.6 million in the week ended October 23, a fourth straight weekly…