Brent futures dropped $3.72 to trade at $73.40 per barrel by mid-morning in New York, marking a decline of nearly $7 over the past week. West Texas Intermediate followed a similar trajectory, falling 4.62% to $70.27 per barrel. The downward pressure on prices persisted even as the latest EIA figures showed a tightening in raw crude supply.

While crude inventories tightened, refined products saw a build. Motor gasoline stocks rose by 2.1 million barrels as daily production dipped to 9.5 million barrels. Middle distillates climbed by 3.1 million barrels, with production averaging 5.2 million barrels per day. Despite these increases, distillate levels remain 10% below the five-year average. Demand indicators offer a more resilient picture, with total products supplied—a key proxy for consumption—averaging 20.5 million barrels per day over the last four weeks, a 2.1% increase compared to the same period last year.