Commercial oil reserves falling again

Commercial crude oil reserves declined last week in the country, according to official data released Wednesday, while U.S. production continues to set record highs amid the war in the Middle East.

During the seven-day period ending Oct. 23, commercial reserves fell by 1.9 million barrels, according to the U.S. Energy Information Administration (EIA).

The market expected inventories to remain stable from one week to the next, according to the analyst consensus published by the agency Bloomberg.

This decline can be attributed to a surge in exports (+41% compared to the previous period), which outweighed the effect of the decline in imports (around -11%).

The utilization rate of installed capacity remains particularly high (92.8%), even though October is typically a period for infrastructure maintenance.

At the same time, U.S. production reached a new all-time high of 13.99 million barrels per day—that is, nearly 350,000 more than a year earlier.

The conflict between Washington and Tehran has shaken the oil market and dealt a blow to hydrocarbon exports from the Gulf.

The report shows a decline in domestic demand (-4.81%), falling below 21 million barrels per day, weighed down in particular by the "gasoline" category.

Oil prices appeared to accelerate their rise on Wednesday following the release of the report. Around 11 a.m. E.T., the price of a barrel of North Sea Brent crude for December delivery rose 1.76% to $115.88.

Its U.S. equivalent, a West Texas Intermediate barrel for same-month delivery, rose 2.68% to $102.58.