Stocks ended 4% below the five-year average at this time of year

U.S. commercial crude oil inventories fell by 1.9 million barrels to 410.6 million barrels in the week ended Oct. 23, according to data released Wednesday by the U.S. Energy Information Administration. The decline marked the fourth consecutive weekly drop and left crude stocks 4% below the five-year average for this time of year.

The draw was larger than the market had expected. Analysts surveyed by The Wall Street Journal expected crude stocks to have slipped by 100,000 barrels over the same week.

Oil held in the Strategic Petroleum Reserve fell by 100,000 barrels to 282.6 million barrels. Stocks at Cushing, Okla., the Nymex delivery hub, fell by 624,000 barrels to 27 million barrels.

U.S. crude oil production recovered from storm-related shut-ins of the previous two weeks, rising by 723,000 barrels a day to 14 million barrels a day.

Crude oil imports increased by 616,000 barrels a day to 6.4 million barrels a day, and exports rose by 1.4 million barrels a day to 4.9 million barrels a day.

Refineries ran at 92.8% of capacity, down from 93.4% the previous week, with crude input to refineries falling by 123,000 barrels a day to 16.5 million barrels a day. Analysts in the Journal survey had expected refinery runs to be unchanged.

Gasoline inventories rose by 3.9 million barrels to 209.2 million barrels and were 2% below the five-year average. Gasoline demand fell by 625,000 barrels a day to 8.4 million barrels a day. The Journal survey had expected gasoline stocks to fall by 700,000 barrels.

Distillate fuel stocks declined by 1.5 million barrels to 102.8 million barrels as demand rose by 475,000 barrels a day to 4.2 million barrels a day. Distillate stocks were 10% below the five-year average, and the Journal survey had expected them to fall by 1.1 million barrels.

The week’s numbers split by product. Crude and distillate inventories drew down, while gasoline stocks built on softer demand even as they remained below the five-year average. Domestic production recovered from the prior two weeks of storm-related shut-ins, imports and exports both increased, and refinery runs eased from the previous week.