The latest figures from the U.S. Energy Information Administration show gasoline inventories fell by 1.6 million barrels, reversing a slight gain from the previous week. Daily gasoline production dipped to 9.6 million barrels. The decline was even more pronounced for middle distillates, which dropped by 3.5 million barrels, leaving those reserves 12% below the five-year average as production slowed to 5.2 million barrels per day.

Market volatility persists as traders weigh supply data against geopolitical shifts. Brent futures nudged up 0.33% to $79.62 per barrel by mid-morning Wednesday, while West Texas Intermediate slipped 0.55% to $75.35. Both benchmarks remain roughly $9 to $10 lower than their values one week ago. Current demand signals are mixed; total product supplied averaged 20.4 million barrels per day over the last month, a 0.9% decrease from the same period last year, though distillate demand managed a 1.8% year-over-year increase.