U.S. crude inventories declined for a second straight week, underscoring tightening supply even as refineries pulled back on capacity use, the Energy Information Administration reported Wednesday.
Commercial crude stocks fell 2.4 million barrels to 418.3 million in the week ended Aug. 22, roughly 6% below the five-year seasonal average. Analysts had expected a smaller draw of 1.9 million. At Cushing, Oklahoma, the delivery hub for Nymex futures, stocks slipped by 838,000 barrels to 22.6 million.
Production edged up to a record 13.4 million barrels a day, while both crude imports and exports declined. Refinery runs eased to 94.6% of capacity, down two percentage points week-on-week, reflecting softer demand for gasoline and distillates.
The figures arrive as Washington’s trade and energy policies continue to ripple through global markets, with U.S. producers pushing output higher while allies and rivals alike adjust to shifting supply flows.