The broader petroleum sector saw a steeper decline, with total commercial inventories shedding 8.2 million barrels during the reporting period. Despite the tightening supply, crude futures struggled on Wednesday morning. Brent crude fell to $100.71 per barrel, marking a $2.89 decline, while West Texas Intermediate slipped to $93.30. Both benchmarks have retreated significantly from their price points one week ago.

Downstream data reveals a complex picture of consumption. Motor gasoline inventories dipped by 200,000 barrels, even as refineries ramped up average daily production to 9.7 million barrels. Middle distillates saw a more pronounced contraction, falling by 3.6 million barrels to reach a level 13% below the five-year average. These figures underscore a resilient demand environment, with total products supplied—a key industry proxy—climbing to a four-week average of 21.2 million barrels per day. This represents a 4.2% increase compared to the same period last year, fueled largely by an 8.7% year-over-year surge in distillate demand.