The report from the Energy Information Administration aligns with earlier figures from the American Petroleum Institute, which estimated a sharper drawdown of 4.93 million barrels. Despite the shrinking supply, market reaction remained muted on Wednesday morning. Brent futures hovered near $108.87, while West Texas Intermediate traded at $97.69 per barrel.

Refined products showed mixed results. Motor gasoline inventories shed 3 million barrels, reversing the previous week's gain of 3.5 million. Conversely, middle distillate stockpiles grew by 1.7 million barrels, though they remain 9% below the five-year average. Broad demand, measured by total products supplied, averaged 21.1 million barrels per day over the last month—a 3.2% increase compared to the same period last year. While gasoline consumption remains steady, distillate demand has dipped 2.4% year-over-year.